Former Cathay cinema operator mm2 Asia, subsidiary still owe over $219k in CPF arrears

Cinema operator mm2 Asia formerly operated Cathay Cineplexes, which ceased operations in Singapore on Sept 1, 2025, after its four remaining outlets closed amid mounting financial difficulties.

Published Oct 14, 2026, 05:15 PM

Updated Oct 14, 2026, 07:43 PM

mm2 Asia and its subsidiary mm2 Entertainment still owe over S$219,000 in CPF arrears, while founder Melvin Ang says restructuring makes further repayments hard.

The court heard mm2 Entertainment paid S$20,203.50 but still fell short, and it must pay at least S$80,000 before the next hearing on Nov 11.

mm2 Asia’s restructuring plan includes a S$15 million share placement, a rights issue of up to S$10 million, and debt-for-equity conversion after Cathay Cineplexes closed in 2025.

SINGAPORE – Former Cathay Cineplexes operator mm2 Asia and its subsidiary still owe more than $21 9,00 0 in Central Provident Fund (CPF) contributions, with their founder telling a court that demands for further repayments are difficult to meet while the companies undergo a restructuring .

Th e St ate Courts heard on Oct 14 that mainboard-listed mm2 Asia owed $8,633.50 while its wholly owned subsidiary mm2 Entertainment had an outstanding amount of $210,843.50.

Their founder, Melvin An g, who represented both companies in court, said mm2 Asia could settle its outstanding arrears in full by the next hearing on Nov 1 1.

During the hearing for mm2 Entertainment, the prosecution said the company made a payment of $20, 203 .50 on Oct 13, but had fallen short of the $5 0,0 00 it was previously directed to pay.

Ang said the company hoped to settle all its outstanding contributions by D ec 31, after completing its restructuring. However, when asked how much it could pay in four weeks, he said it hoped to make another $20 ,000 payment.

$20k to $40k repayments will prolong the matter

The prosecution said repayments of between $20,000 and $40,000 would prolong the matter, given the substantial amount still outstanding.

The court subsequently directed mm2 Entertainment to pay at least $80,000 before its next hearing on Nov 11. Ang pointed out that the company had been granted a moratorium by the High Court and said there had been no staff complaints to the Ministry of Manpower over the CPF arrears.

He said mm2 Entertainment would struggle to meet a court direction to pay at least $ 80, 000 by the next month , citing its financial difficulties and ongoing restructuring efforts . “Asking us to pay $80k by next month before the scheme of arrangement is completed is really difficult,” he said.

Separately, during mm2 Asia’s hearing, Ang initially told the judge that the company had paid “everything” in full on Oct 13, after making an $11,000 payment. However, the prosecution said records showed that $10,438.50 had been paid, leaving a discrepancy of $561.50.

The prosecution suggested that part of the payment might have gone towards other statutory obligations, including Skills Development Levy payments. Ang said the discrepancy could have been an error and undertook to settle the remaining $8,633.50 before the Nov 11 hearing.

‘No fund in the company’

At an earlier hearing on Sept 16, the court was told that both companies owed about $213,000 in CPF contributions.

Ang, who had also represented the company then, had cited financial difficulties and an ongoing scheme of arrangement when seeking more time to pay.

“There is no fund in the company,” he had said then, adding that mm2 Entertainment proposed to begin repaying its arrears from January 2027.

mm2 Asia faces three charges over unpaid CPF contributions for one employee between November 2025 and January 2026, while mm2 Entertainment faces eight charges involving four employees for November and December 2025.

Both companies are seeking to restructure their debts through proposed schemes of arrangement , which allow financially distressed companies to negotiate repayment terms with creditors, subjected to creditor and court approval .

What are some aspects of mm2 Asia’s proposed restructuring

On Sept 18, the High Court granted both companies permission to convene creditors’ meetings to vote on their proposals. It also extended a moratorium protecting them from creditor enforcement proceedings by two months to Nov 21 , giving them more time to complete the restructuring .

According to court documents filed on Sept 3 and seen by The Straits Times, mm2 Asia’s proposed restructuring includes a $15 million share placement to MMRA, a subsidiary of private equity fund Hildrics Asia Growth Fund.

The proposed investment involves the issuances of approximately 16.34 billion new shares, alongside cash distributions and debt-for-equity conversion for creditors.

The company also proposes a rights issue to raise up to $10 million.

On Sept 22, mm2 Asia announced that the Securities Industry Council had granted MMRA a conditional waiver from making a mandatory general offer for its remaining shares, subject to conditions including independent shareholder approval.

‘Sad and sorry that we have come to this’

mm2 Asia formerly operated Cathay Cineplexes, which ceased operations in Singapore on Sept 1, 2025, after its four remaining outlets closed amid mounting financial difficulties .

The cinema chain entered creditors’ voluntary liquidation after failing to reach agreements with creditors over its outstanding payment obligations .

The group also has businesses in film and television production and distribution, as well as live entertainment. Trading in mm2 Asia shares has been suspended since November 2025.

Back in court on Oct 14, Ang said he would seek legal advice after the prosecution raised the possibility of resolving the criminal charges while the CPF arrears remained outstanding.

“I feel sad and sorry that we have to come to this situation,” he told the court. “If we keep coming back and keep not being able to pay, I am sorry.”

He added: “We will try our best to comply.”

影院运营商 mm2 Asia 曾运营 Cathay Cineplexes，该公司在新加坡的四家剩余门店因财务困难不断加剧而关闭后，于 2025 年 9 月 1 日停止运营。

发布于 2026 年 10 月 14 日下午 5:15

更新于2026年10月14日晚上7:43

mm2 Asia 及其子公司 mm2 Entertainment 仍拖欠超过 219,000 新元的公积金，而创始人 Melvin Ang 表示，重组使得进一步偿还债务变得更加困难。

法庭获悉，mm2 Entertainment 已支付 20,203.50 新元，但仍不足 80,000 新元，必须在 11 月 11 日的下次听证会之前支付至少 80,000 新元。

mm2 Asia 的重组计划包括 1500 万新元的股票配售、高达 1000 万新元的配股，以及在 Cathay Cineplexes 于 2025 年关闭后进行债转股。

新加坡——前国泰影城运营商mm2 Asia及其子公司仍拖欠中央公积金（CPF）219,000美元以上，其创始人向法庭表示，在公司进行重组期间，难以满足进一步的还款要求。

10 月 14 日，州法院听取了主板上市的 mm2 Asia 欠款 8,633.50 美元，而其全资子公司 mm2 Entertainment 的未偿金额为 210,843.50 美元。

他们的创始人 Melvin An g 代表两家公司出庭，他表示 mm2 Asia 可以在 11 月 11 日的下次听证会之前全额结清所有未偿欠款。

在 mm2 Entertainment 的听证会上，检方表示，该公司于 10 月 13 日支付了 20,203.50 美元，但距离之前被责令支付的 50,000 美元仍有差距。

Ang表示，公司希望在完成重组后，于12月31日前结清所有未偿款项。然而，当被问及四周内能支付多少款项时，他表示希望再支付2万美元。

2万至4万美元的还款将延长此事。

检方表示，考虑到仍有大量未偿债务，偿还 2 万至 4 万美元将延长案件审理时间。

随后，法院责令 mm2 Entertainment 在 11 月 11 日的下次听证会之前至少支付 8 万美元。Ang 指出，该公司已获得高等法院的暂缓执行令，并表示没有员工就公积金欠款问题向人力部提出投诉。

他表示，mm2娱乐公司由于财务困境和正在进行的重组工作，难以在下个月前支付法院要求的至少8万美元。“在重组方案完成之前，要求我们在下个月支付8万美元，这实在太难了，”他说。

另外，在mm2 Asia的听证会上，Ang最初告诉法官，该公司在10月13日支付了11,000美元后，已全额付清了所有款项。然而，检方表示，记录显示实际支付金额为10,438.50美元，存在561.50美元的差额。

检方认为，部分款项可能用于支付其他法定义务，包括技能发展税。Ang表示，这笔差额可能是个错误，并承诺在11月11日的听证会前结清剩余的8,633.50美元。

公司没有资金

在 9 月 16 日的一次早期听证会上，法庭获悉这两家公司共欠缴约 213,000 美元的公积金。

当时也代表该公司的Ang以财务困难和正在进行的债务重组计划为由，请求延长付款期限。

“公司没有资金，”他当时说道，并补充说 mm2 Entertainment 提议从 2027 年 1 月开始偿还欠款。

mm2 Asia 面临三项指控，涉及一名员工在 2025 年 11 月至 2026 年 1 月期间未缴纳的公积金；而 mm2 Entertainment 则面临八项指控，涉及四名员工在 2025 年 11 月和 12 月期间未缴纳的公积金。

两家公司都寻求通过拟议的债务重组方案来重组债务，该方案允许陷入财务困境的公司与债权人协商还款条款，但须经债权人和法院批准。

mm2 Asia提出的重组方案有哪些方面？

9月18日，高等法院批准两家公司召开债权人会议，对各自的重组方案进行表决。法院还将保护两家公司免受债权人强制执行的暂缓令延长两个月至11月21日，使两家公司有更多时间完成重组。

据《海峡时报》看到的 9 月 3 日提交的法庭文件显示，mm2 Asia 提出的重组方案包括向私募股权基金 Hildrics Asia Growth Fund 的子公司 MMRA 配售价值 1500 万美元的股份。

拟议的投资包括发行约 163.4 亿股新股，以及向债权人进行现金分配和债转股。

该公司还提议通过配股筹集至多 1000 万美元。

9 月 22 日，mm2 Asia 宣布证券业理事会已给予 MMRA 有条件豁免，允许其对剩余股份进行强制性全面收购，但需满足包括独立股东批准在内的条件。

“很遗憾，我们竟然走到这一步。”

mm2 Asia 曾运营 Cathay Cineplexes，该公司在新加坡的四家剩余门店因财务困难不断加剧而关闭后，于 2025 年 9 月 1 日停止运营。

由于未能与债权人就其未偿付的款项达成协议，该连锁影院进入了债权人自愿清算程序。

该集团还涉足电影和电视制作发行以及现场娱乐业务。mm2 Asia的股票自2025年11月起暂停交易。

10 月 14 日，Ang 再次出庭，他表示，在控方提出在 CPF 欠款尚未偿还的情况下解决刑事指控的可能性后，他将寻求法律建议。

“我很遗憾我们不得不走到这一步，”他告诉法庭。“如果我们继续拖欠还款，我深感抱歉。”

他补充道：“我们将尽力遵守规定。”