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Mm2 Asia to Place 16.3 Billion New Shares to MMRA for SG$15 Million

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Mm2 Asia (SGX:1B0) signed an agreement to place around 16.3 billion shares at SG$0.000918 per share to MMRA for a total consideration of SG$15 million as part of its proposed restructuring, according to a Thursday filing with the Singapore Exchange.

The completion will result in a transfer of controlling interest and could trigger a mandatory general offer obligation.

The media and entertainment company has applied to the Securities Industry Council for a whitewash waiver and confirmation that no chain offers will be required, with the placement conditional on shareholder approval.

Meanwhile, proceeds from the placement will be used to repay debts and for general working capital.

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