mm2 Asia’s rescue investor gets waiver to take control without making general offer

MMRA received regulatory approval to take control of former Cathay cinema operator mm2 without a mandatory general offer after subscribing for up to 16.34 billion new shares.

PHOTO: CATHAY CINEPLEXES

Published Sep 22, 2026, 10:55 PM

Updated Sep 22, 2026, 11:05 PM

mm2 Asia's rescue investor MMRA received regulatory approval to take control without a mandatory general offer after subscribing for up to 16.34 billion new shares, aiding the company's debt restructuring.

The $15 million placement, mostly for debt repayment, aims to stabilise mm2 Asia's finances and restore viability, with MMRA as a "white knight" supporting the restructuring.

Shareholder approval is required to waive the general offer right, and court rulings have extended protection for mm2 Asia, allowing more time to complete the restructuring process.

SINGAPORE – Former Cathay cinema operator mm2 Asia’s proposed rescue investor has received regulatory approval to potentially take control of the troubled entertainment company without having to offer to buy out its other shareholders.

The Securities Industry Council (SIC) has waived the requirement for MMRA to make a mandatory general offer after subscribing for up to 16.34 billion new shares in the company, mm2 Asia said in a bourse filing on Sept 22.

MMRA is a subsidiary of Hildrics Asia Growth Fund, a private equity fund that provides growth capital to mid-tier South-east Asian companies. The fund is managed by Hildrics Capital, whose chief executive Choo Kee Siong is a former managing director at UOB. Its chief operating officer, Wee Teng Chuen, is the son of UOB chief executive Wee Ee Cheong.

The proposed placement, announced in July, is expected to raise around $15 million and forms part of mm2 Asia’s broader debt restructuring.

Should the placement go through, MMRA could emerge with more than 49 per cent of mm2 Asia’s voting rights and subsequently acquire more shares without triggering a mandatory general offer.

Of the placement proceeds, $11.5 million, or 76.7 per cent, is earmarked for debt repayment, mm2 said in a July 16 filing first disclosing the placement.

The remaining $3.5 million will be used for general working capital and restructuring expenses. These include payments to key suppliers and service providers, outstanding statutory obligations and the completion of outstanding audits, as well as listing, application and professional fees related to the restructuring.

mm2 Asia said the placement is part of its efforts to address its financial difficulties and restore the group’s viability as a going concern.

It described MMRA as a “white knight” providing the financial support needed to carry out the restructuring.

The placement is expected to strengthen mm2 Asia’s capital base, improve its working capital position and provide funding for the exercise. Without it, the company said it would face significant uncertainty over its ability to implement a viable restructuring plan.

MMRA will subscribe for the shares at 0.0918 cent each, a discount of about 69.4 per cent to mm2 Asia’s last traded price of 0.3 cent before its shares were suspended in November 2025, mm2 Asia said in July

The placement shares represent about 250 per cent of mm2 Asia’s existing share capital and, if issued in full, would account for about 71.4 per cent of its enlarged share capital before other parts of the restructuring are considered.

Under Singapore’s takeover rules, an investor crossing certain ownership thresholds would normally have to make an offer for all the remaining shares.

The SIC waiver removes this requirement, but it will take effect only if mm2 Asia’s independent shareholders approve.

mm2 Asia must also appoint an independent financial adviser to assess the proposal and advise independent shareholders.

It also has to share details about the proposed restructuring, including the placement, as well as the dilution that existing shareholders could face.

Shareholder approval for the waiver must be obtained within three months of the SIC’s Sept 18 letter. The placement shares must then be issued within three months of that approval.

The waiver clears another hurdle for mm2 Asia’s proposed restructuring after the High Court on Sept 18 allowed the company and its subsidiary, mm2 Entertainment, to convene creditor meetings to vote on their debt repayment plans.

The court also extended a moratorium shielding the companies from creditors and legal proceedings by two months to Nov 21, giving them more time to complete the restructuring process.

Debt restructuring/Insolvency

MMRA 已获得监管部门批准，在认购至多 163.4 亿股新股后，无需强制全面收购即可控制前国泰影院运营商 mm2。

图片：国泰影院

发布于 2026 年 9 月 22 日晚上 10:55

更新于2026年9月22日晚上11:05

mm2 Asia 的救助投资者 MMRA 认购了至多 163.4 亿股新股后，获得了监管部门的批准，无需强制性全面收购即可控制该公司，从而帮助该公司进行了债务重组。

此次 1500 万美元的融资主要用于偿还债务，旨在稳定 mm2 Asia 的财务状况并恢复其生存能力，MMRA 则扮演“白衣骑士”的角色，支持此次重组。

放弃全面收购要约权需要获得股东批准，法院裁决延长了对 mm2 Asia 的保护期，使其有更多时间完成重组过程。

新加坡——前国泰影院运营商mm2 Asia的拟议救援投资者已获得监管部门批准，有可能在无需收购其他股东股份的情况下控制这家陷入困境的娱乐公司。

mm2 Asia 于 9 月 22 日向交易所提交的文件显示，证券业理事会 (SIC) 已豁免 MMRA 在认购公司至多 163.4 亿股新股后进行强制性全面要约的要求。

MMRA是Hildrics Asia Growth Fund的子公司，后者是一家私募股权基金，为东南亚中型企业提供成长资本。该基金由Hildrics Capital管理，其首席执行官朱启祥曾任大华银行董事总经理。首席运营官魏腾泉是大华银行首席执行官魏义昌之子。

这项于 7 月宣布的配售计划预计将筹集约 1500 万美元，是 mm2 Asia 更广泛的债务重组计划的一部分。

如果配售成功，MMRA 可能获得 mm2 Asia 超过 49% 的投票权，并随后收购更多股份，而无需触发强制性全面要约。

mm2 在 7 月 16 日首次披露此次配售的文件中表示，配售所得款项中有 1150 万美元（占 76.7%）被指定用于偿还债务。

剩余的350万美元将用于一般营运资金和重组费用。这些费用包括支付给主要供应商和服务提供商的款项、履行未完成的法定义务、完成未完成的审计工作，以及与重组相关的上市、申请和专业费用。

mm2 Asia表示，此次配售是其为解决财务困境、恢复集团持续经营能力而采取的措施之一。

报告称 MMRA 是“白衣骑士”，提供了进行重组所需的资金支持。

此次融资预计将增强mm2 Asia的资本基础，改善其营运资金状况，并为重组计划提供资金。该公司表示，如果没有这笔资金，其能否实施切实可行的重组计划将面临极大的不确定性。

mm2 Asia在7月份表示，MMRA将以每股0.0918澳分的价格认购这些股份，较mm2 Asia股票在2025年11月停牌前的最后交易价格0.3澳分折让约69.4%。

此次配售股份约占 mm2 Asia 现有股本的 250%，如果全部发行，则在考虑重组的其他部分之前，将占其扩大后股本的约 71.4%。

根据新加坡的收购规则，投资者如果持股比例超过一定门槛，通常需要对所有剩余股份提出收购要约。

SIC豁免取消了这一要求，但只有在mm2 Asia的独立股东批准后才会生效。

mm2 Asia 还必须委任一名独立财务顾问来评估该提案并向独立股东提供建议。

它还必须分享有关拟议重组的细节，包括配售情况，以及现有股东可能面临的股权稀释。

豁免申请必须在SIC于9月18日发出信函后的三个月内获得股东批准。配售股份必须在获得批准后的三个月内发行。

9 月 18 日，高等法院允许 mm2 Asia 及其子公司 mm2 Entertainment 召开债权人会议，就其债务偿还计划进行投票。此次豁免为 mm2 Asia 提出的重组方案扫清了又一道障碍。

法院还将保护这些公司免受债权人和法律诉讼的暂缓令延长了两个月至 11 月 21 日，使它们有更多时间完成重组过程。

债务重组/破产