Former Cathay Cineplexes operator mm2 Asia hit with $74.6m demand from UOB

UOB has demanded repayment of about $74.6 million from entertainment group mm2 Asia and several of its units, the entertainment group said in a bourse filing on Nov 10.

mm2 Asia and its subsidiaries — mm2 Entertainment, UnusuaL Management, mm2 Connect and mm Plus — each received a letter of demand from UOB on Nov 7.

UOB is demanding an aggregate payment of $74,626,487.20, which needs to be paid within seven days from the issue date on the letters of demand, failing which UOB may commence legal proceedings.

"The company is seeking legal advice on the matter and will continue to monitor the situation closely," said mm2 Asia.

The demand for repayment from UOB adds to the financial woes facing the company, which announced the voluntary liquidation of its cinema chain business on Sept 1.

According to mm2 Asia's financial statement for the 2025 financial year ended Mar 31, the company had a net loss of $116.3 million.

The company also faces demands for repayment of $2.6 million from Frasers Centrepoint Trust regarding its Causeway Point lease, and $905,000 from Standard Chartered.

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dana.leong@asiaone.com