Turning Around Almost (Crop 1.52)

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Azure Capital Fund Management Singapore Private Debt Fund Singapore Hedge Funds Lyte Fund Terence Wong Blue Suit

Terence Wong, CFA

CEO and Executive Director
Azure Capital

Turning Around… Almost

Aug 23, 2023

Melvin Ang, chairman of entertainment company mm2 Asia, went through some really tough times.

Covid affected all of mm2’s business lines – film production, concert and cinema. It bled the most with cinema, having spent almost S$200m on Cathay in 2017, only to see the valuation slide more than half. It is in the midst of cutting unprofitable locations like The Cathay, Cineleisure and Parkway Parade (announced today).

Best known for producing local movie hits like ‘Ah Boys to Men’ and ‘I Not Stupid’, mm2’s concert arm UnUsual is making the strongest comeback among its businesses, with sold-out Jackie Cheung concerts in Singapore and Malaysia.