Standard Chartered issues payment demand to mm2 Asia units over S$905,000 debt

Standard Chartered has issued letters of demand to two associated companies of entertainment group mm2 Asia, seeking repayment of S$905,582.87 by Thursday (Oct 23).

The letters, dated Oct 16, were addressed to mm Connect and Cathay Cineplexes, for which mm2 Asia acted as guarantor.

Cathay Cineplexes ceased operations in September after entering voluntary liquidation.

In a bourse filing on Thursday night, mm2 said it is seeking legal advice and will continue to monitor the situation closely.

The latest demand adds to mm2’s mounting financial troubles. In September, the group disclosed that its Malaysian subsidiaries had received multiple payment demands.

Earlier in August, mm2 said it had received eight letters of demand totalling S$17.6 million but maintained then that it could continue as a going concern.

Shares of mm2 Asia closed unchanged at S$0.003 on Thursday, before the announcement.