Media content provider mm2 Asia on Thursday said it is currently in discussions with Village Cinemas Australia on possible options regarding the purchase of a 50 percent interest in Golden Village cinema business in Singapore.
Shares in the company, which produces films and online content, fell as much as 5.3 percent to S$0.445.
The deal got lapsed after Village Cinemas Australia did not meet certain conditions under the agreement entered between Village Cinemas Australia and their existing coshareholder of Dartina Development.
mm2 Asia said it has obtained a full refund of the $8 million deposit made from Village Cinemas
"While the deal with Village Cinemas Australia would have fit well with mm2 Asia, our cinema growth strategy is not dependent on this one acquisition alone," company said in a statement.
mm2 Asia said it is constantly pursuing other opportunities in parallel to these discussions
with Village Cinemas Australia.
At 0400 GMT, mm2 Asia shares were down 4.2 percent at S$0.450 on the Singapore Exchange. The stock has a one-year return of about 30 percent.