The firm is a subsidiary of mini-conglomerate mm2 Asia, which currently has a 49% holding. That position will fall to 42% and leading individual shareholders Charles Yeo and Jay Hong be diluted from 16% each to 13% each.
The new shares are being sold at S$0.25 apiece. At that price the enlarged company will have a market capitalization of $61.4 (S$84 million).
Vividthree has produced effects for local movies including “Ah Boys to Men,” “Ah Boys to Men II” and “Ah Boys to Men 3 – Frogmen.” It is also involved in a large-scale 360-degree dome projection mapping project, “The Future of Us,” a futuristic multi-sensory experiential exhibition.
The company say that most of the fresh cash will be used for working capital, while about a third will be deployed for purchases of intellectual property and other companies and joint ventures. It is committed to develop a virtual reality thematic tour show based on the Korean film “Train to Busan.”
Proforma profits in the financial year to March stood at $2.05 million (S$2.8 million), on revenues of $5.12 million (S$7 million). Mm2 Asia, which recently bought the Cathay Organisation, cinema chain is currently valued at $318 million (S$436 million).