Skip to content
Grazia British
UOB issues S$74.6 million payment demand to mm2 Asia

UOB issues S$74.6 million payment demand to mm2 Asia

By Swedan Margen

Fashion

Entertainment group mm2 Asia on Monday (Nov 10) said in a bourse filing that it and its subsidiaries have received letters of demand from UOB for about S$74.6 million in total.

This follows Standard Chartered’s repayment demand of S$905,000 last month, as well as Frasers Centrepoint Trust’s S$2.6 million claim against mm2 Asia over its Causeway Point lease.

The market capitalisation of mm2 Asia is S$26.1 million itself.

A UOB letter was sent on Friday to mm2 Asia and its subsidiaries mm2 Entertainment, UnUsUaL Management, mm2 Connect and mm Plus each.

The latter two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation.

The entertainment group said it is seeking legal advice and will continue to monitor the situation.

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

Shares of mm2 Asia closed flat at S$0.004 on Friday, before the announcement.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

More Fashion