More time is needed, given the liquidation of its cinema operations and audit delays, says the entertainment company

 

[SINGAPORE] Entertainment company   mm2 Asia   : 1B0 +50% on Wednesday (Oct 1) said it has applied to the Singapore Exchange (SGX) for another 90-day extension to hold the company&rsquo s annual general meeting (AGM) for the financial year ended Mar 31. 

 

It is seeking to extend the AGM &ndash originally due on or before Jul 31 &ndash from the current deadline of Oct 29, 2025, to Jan 27, 2026. It also requested for a 90-day extension to issue its annual and sustainability reports for FY2025 from Oct 14, 2025, to Jan 12, 2026. 

 

This is the second extension mm2 is requesting for its AGM. In May, it first applied for a 90-day extension to push the AGM deadline to Oct 29, from Sep 29, and to file its annual report by Nov 29, from Oct 30. These were granted by SGX and the Accounting and Corporate Regulatory Authority (Acra) in July. 

 

In a bourse filing on Wednesday, mm2 said it was still securing the necessary funding for its audit, but its auditors have agreed in principle to start the audit once the company begins progressively repaying its outstanding invoices. 

 

It also cited &ldquo complex accounting treatments&rdquo &ndash linked to the liquidation of its cinema operations under Cathay Cineplexes, MM2 Star Screen and mm2 Screen Management &ndash that require &ldquo careful analysis and discussion&rdquo . These include impairment assessments, recognition of provisions and other technical accounting adjustments, it said. 

 

Acra grants extensions of only 60 days at a time, so mm2 said it applied for the first 60 days and will submit another application for an additional 30-day extension. This will put the AGM deadline at Jan 27, 2026. 

EXCERPT FROM APPLICATION FOR EXTENSION OF TIME

2. RATIONALE FOR THE FURTHER EXTENSION APPLICATION
 

2.1. The rationale for making the Further Extension Application are as follows: (a) Audit commencement and need for additional time: The Company is in the midst of securing necessary funding and had an audit kick-off meeting with its Auditors. The Auditors have, in principle, agreed to commence the audit subject to the Company repaying its outstanding invoices progressively. Additional time will be required to allow for the receipt of funds by the Company and the subsequent finalisation of the audit process.

(b) Complex accounting treatments from liquidation exercises: The recent appointment of provisional liquidators for the Company&rsquo s cinema operations under Cathay Cineplexes Pte. Ltd. (&ldquo CCPL&rdquo ), MM2 Star Screen Sdn. Bhd. (&ldquo MSS&rdquo ) and mm2 Screen Management Sdn. Bhd. (&ldquo MSM&rdquo ) has resulted in complex accounting treatments that require careful analysis and discussion with the Auditors, when the audit commences. These matters include impairment assessments, recognition of provisions, and other technical accounting adjustments arising from the cessation of operations.

(c) In view of the above, the Company believes that the extensions requested in this letter are necessary, as additional time is required to review the relevant financial information for the Company and the Group, and to finalise the FY2025 results and complete the audit process with the Auditors.

Please Read Full Details In Today' s Announccement.