Mm2 Asia disposes 21.02% stake in Vividthree Holdings
Mm2 Asia has agreed to sell its 21.02% stake in Vividthree Holdings to Hildrics Asia Growth Fund VCC for $1.69 million, reducing its ownership from 29.89% to 8.87%. This sale, involving 97,553,226 shares at $0.01734 each, aims to enhance liquidity and improve financial flexibility, with proceeds allocated to repay liabilities. The transaction is expected to close on May 30 and may result in a loss of approximately $2.82 million.
The company sold 97,553,226 shares to Hildrics Asia Growth Fund VCC.
mm2 Asia has entered into a sale and purchase agreement with Hildrics Asia Growth Fund VCC to sell its 21.02% stake in Vividthree Holdings (VV3) for a price consideration of $1.69m or $0.01734 per share.
mm2 Asia currently holds a 29.89% stake in VV3. The proposed disposal of 97,553,226 ordinary shares will reduce its stake to 8.87%, after which VV3 will no longer be an associated company.
The share disposal is intended to enhance the company's liquidity and improve its overall financial position and flexibility. Proceeds from the transaction will be used to repay outstanding liabilities.
The disposal is expected to result in a loss of approximately $2,824,403.
Subject to the satisfaction or waiver of the conditions precedent, the sale is expected to close on 30 May.
