SG Dealbook: mm2Asia to buy two Malaysia cinemas, Lum Chang Holdings to acquire Kelaty House in the UK £25.5m

Visual from the company website

Singapore dealscape had several firm acquiring assets abroad. While entertainment major mm2 Asia bought cineplexes in Malaysia, Singapore-listed Lum Chang acquired a property in London

mm2 Asia acquires two cineplexes in Malaysia for S$13.8 mil

Singapore based film producer and distributor mm2Asia Monday confirmed its earlier announcement to buy two cinemas in Malaysia from Cathay Cineplexes for RM40 million (S$13.8 million).

The deal is expected to be completed by September 30, and the acquisition includes the Cathay Cineplex Damansara, e@Curve in Petaling Jaya, Selangor, and Cathay Cineplex City Square at Johor Bahru City Square, the company said in a regulatory filing.

The acquisition is routed through the company’s wholly-owned Malaysian subsidiary, MM2 Screen Management Sdn Bhd.

Cathay Cineplex City Square was established in 2006 and now holds 14 screens with 2,826 seats in total and is the largest multiplex outside the Klang Valley region. Cathay Cineplex Damansara was established in 2006 and holds 16 screens with 2,472 seats in total and is currently the largest multiplex in Petaling Jaya.

“The acquisition is in line with the company’s intention to diversify and expand into business opportunities along the value chain of film production. The company believes this will complement its current and future businesses, strengthen its competitive advantage through the ownership of cinemas, as well as provide a source of recurring income to the group,” the company’s regulatory filing added.

Also Read: SG film producer mm2Asia acquires controlling stake in Vividthree

Film producer mm2 lists on SGX with $6m IPO

Lum Chang to buy Kelaty House in Wembley for 25.5m pounds

Singapore-listed Lum Chang on Monday said it had reached a deal with UKI (Wembley) Limited to buy Kelaty House, a freehold commercial property in Wembley, London, for 25.5 million pounds.

Located at First Way, Wembley HA9 0JD, within the Wembley Regeneration Area, this property is near the iconic Wembley Stadium in an area that is rapidly transforming into a vibrant and dynamic neighbourhood, the Singapore company said.

The deal is routed through Lum Chang’s wholly owned subsidiary in Singapore – Wembley Properties Pte Ltd, which in turn had incorporated two wholly-owned subsidiaries in Jersey, Channel Islands – Kelaty Holdings (KHL) and Kelaty Propco Ltd (KPL).  KHL is an investment holding company which is wholly-owned by WPPL and holds 100% equity in KPL.

The deal sees KPL enter into a deal with UKI (Wembley) Ltd to acquire Kelaty House, marking an expansion of LCH Group’s property business. The proposed acquisition is expected to provide rental income stream to LCH Group in the short term, the company’s regulatory filing added.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.