Singapore-based MM2 Asia’s plan to acquire a 50% stake in the country’s largest cinema chain has collapsed after the owner of the rest of the shares did not approve the plan.
It was announced Monday that the Singaporean media mini-conglomerate failed to get approval from Golden Screen, which owns half the stakes in Dartina Development. Dartina Development runs the Golden Village cinema business in Singapore.
MM2 Asia is the first film company listed on the Singapore Stock Exchange. On June 13, the company made the acquisition plan public, announcing that it was in talks with Village Cinemas Australia to buy Village’s 50% share of Dartina for $133 million (S$184 million).
The deal was made on condition that approval from Golden Screen, which owns the rest of the stakes in the Golden Village theater chain, be granted by July 21. But such approval was not obtained by the deadline.
MM2 Asia said it was exploring other options.
Golden Village is currently the largest cinema chain in Singapore with 92 screens and 11 multiplexes. It is also a distributor.