Mou is expected to help MM2 expand its presence in the North Asia market, though details of how the alliance will work have not been revealed.
As part of the deal, Mou is to buy a 0.95% stake in MM2 Asia. Chairman and CEO Melvin Ang is selling him a 10 million share tranche of his own stock at S$0.485 per share, at a total cost of US$3.41 million. Ang retains a 44% stake following the deal.
Mou is also CEO of Wuxi Ai-mei-shen Film & TV Cultural and CEO of Wuxi Talent Cultural Media, which is a joint-venture between Wuxi Ai-mei-shen Film & TV Cultural and Zhejiang Talent Film & TV,. The joint venture company recently produced TV drama series “Win The World” (aka “Ying Tian Xia”). Fan is the show’s lead actress and its executive producer.
“I have known Timothy Mou for many years and we have strived to forge a working alliance together to address the many opportunities we see, both in and outside China, said Ang in a statement. “My stake in mm2 strengthens our working relationship and I look forward to playing a role in mm2’s future growth,” said Mou.
MM2 has expanded from film and TV production targeted at the South East Asian market into cinema ownership. In November it paid $26.5 million (RM118 million) to buy 13 cinemas from the Lotus Fivestar chain. Previously it bought another chain of theaters in Malaysia from the Cathay Organization. In total it now has 133 screens, making it Malaysia’s fourth largest exhibitor.