mm2 Asia Ltd. (SGX:1B0) entered into heads of agreement to acquire Golden Village Cinemas in Singapore from Orange Sky Golden Harvest Entertainment (Holdings) Limited (SEHK:1132) on December 9, 2020. Under the heads of agreement, mm2 Asia Ltd. and Orange Sky Golden Harvest Entertainment (Holdings) Limited will undertake an initial financial, legal and business due diligence review of the other party's business, and discuss and negotiate the terms of the definitive agreements relating to the proposed transaction. If the terms of the definitive agreements cannot be agreed, or the conditions for the proposed transaction satisfied, by December 31, 2021, the heads of agreement will terminate and neither mm2 Asia Ltd. and Orange Sky Golden Harvest Entertainment (Holdings) Limited will have any further rights or obligations there under. The heads of agreement sets out the principal terms on which the mm2 Asia Ltd. and Orange Sky Golden Harvest Entertainment (Holdings) Limited will pursue a possible merger of the mm2 Cinema Business and the Orange Sky Golden Harvest Entertainment (Holdings) Limited Cinema Business, on the basis that the mm2 Asia Ltd. and Orange Sky Golden Harvest Entertainment (Holdings) Limited will bring in one or more new investors. The cash investment by the new investors would also provide additional working capital for the combined business to meet, among others, its operating costs, and strengthen the balance sheet of the combined business. The transaction is subject to the approval of the shareholders of mm2 Asia Ltd., the approval of the shareholders of Orange Sky Golden Harvest Entertainment (Holdings) Limited, the approval of the SGX-ST, the approval of HKSE and the requisite approvals or rulings from the applicable governmental authorities, including the Competition and Consumer Commission of Singapore in relation to anti-trust issues. It is intended that mm2 Asia Ltd. and Orange Sky Golden Harvest Entertainment (Holdings) Limited will shortly initiate a submission to the Competition and Consumer Commission of Singapore relating to the merger which would be subject to Competition and Consumer Commission of Singapore clearance.

mm2 Asia Ltd. (SGX:1B0) canceled the acquisition of Golden Village Cinemas in Singapore from Orange Sky Golden Harvest Entertainment (Holdings) Limited (SEHK:1132) on December 31, 2021. The long stop date under the Heads of Agreement by which the stated conditions of the proposed merger were required to be satisfied was December 31, 2021, as this date has passed with one or more conditions not fulfilled, the Heads of Agreement has lapsed.