MM2 ASIA LTD.

(Incorporated in Singapore)

(Registration No. 201424372N)

PROPOSED SPIN-OFF AND LISTING OF THE CINEMA BUSINESS OF MM2 ASIA LTD. ON THE CATALIST BOARD OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ("SGX-ST")

The board of directors (the "Board") of mm2 Asia Ltd. (the "Company", and, together with its subsidiaries, the "Group") refers to the announcement dated 1 December 2020 (the "Announcement") in relation to the proposed spin-off and listing of the Group's cinema business on the Catalist Board of the SGX-ST (the "Proposed Spin-off"). The Group's cinema business is currently conducted through the Company's wholly- owned subsidiary, mm Connect Pte. Ltd. and its subsidiaries (the "Proposed Listing Group").

A company seeking an initial public offering and listing (an "IPO") on the SGX-ST typically pre-clears preliminary issues prior to submitting a pre-admission notification to the SGX-ST. The Company had sought the SGX-ST'spre-clearance on certain issues relating to the Proposed Spin-off. One of the issues clarified relates to the chain listing requirement under Listing Rule 210(6). Under Listing Rule 210(6), approval will not normally be given for the listing of a subsidiary of a listed issuer if the assets and operations of that subsidiary are substantially the same as that of the listed issuer.

The SGX-ST has advised the Company that based on the Company's representations and submission to the SGX-ST (including the financial information for the past 3 financial years of the Group and the Proposed Listing Group), the Proposed Spin-off does not comply with the chain listing requirement under Listing Rule 210(6).

Based on the above, the Company will not be submitting a pre-admission notification at this point of time, but will look to continue to develop its businesses and, if appropriate, will revisit the IPO process in future including seeking the SGX-ST'spre-clearance for the Proposed Spin-off at a later date.

In the meantime, the Company will continue to explore other avenues to maximize shareholder value.

The Company will announce material developments on the Proposed Spin-off as and when appropriate.

By Order of the Board

Melvin Ang Wee Chye

Executive Chairman

8 December 2021

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MM2 Asia Ltd. published this content on 08 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2021 09:11:07 UTC.