Singapore-headquartered mm2 Asia is all set to go beyond movies. The production giant is planning to venture into reality shows, television production, content distribution and much more to establish their brand name on the lines of Hollywood's Universal or Disney.
Interestingly, mm2 Asia is the only movie production house to be listed on Catalist, the secondary board of the Singapore Exchange. It's recent released Ah Boys To Men 3: Frogmen earned $7.6 million at the Singapore box office, keeping the expansion hopes high.
mm2 Asia's CEO Melvin Ang churns out a clear vision to create original content and distribute through various channels. He believes in taking on edgier and creatively riskier projects and be a perfect blend of arthouse and independent films. Ang also adds that this new path will bring international accolades and credibility that may very well "attract other co-production possibilities." An ideal way to expand their brand presence.
Headquartered in Singapore, the channel has presence in Hong Kong, Taiwan and China. Recently, they acquired a 51 percent stake in event and concert producer Unusual Group of Companies and is planning to obtain a stake in RINGS.TV, an interactive broadcasting technology platform.
The entertainment company announced a 97 percent rise in net profit for half-year ending September to $8.9 million. The revenue for the same period almost tripled from $12.7 million to $35 million. mm2's newly acquired subsidiaries and cinema business in Malaysia is said to have boosted the revenue drastically.
Incidentally, its share prices have also risen without a string of commercial hits. The production house made its public offering debut with a placement of 37.4 million shares at 25 cents each, raising $5.7 million in net proceeds. Subsequently, the share numbers were split into two and are now traded at about 43 cents.
Earlier this month, UnUsUaL Pte, a subsidiary of mm2 Asia Ltd, secured interest from three investors to invest S$3 million, where each of the investors will subscribe to a mandatory convertible note for two years for S$1 million. The investors include Singapore Press Holdings (SPH), Apex Capital Group Pte Ltd and Maxi-Harvest Group.
Being a dominant player in the marker, is surely raising the bars high.
