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