SINGAPORE: Homegrown concert promoter Unusual on Tuesday (Jul 22) apologised for publishing wrong information about its directors’ remuneration in two of its annual reports following queries from an investor group.
For the financial year of 2024, the Catalist-listed firm had paid S$100,000 (US$78,198) in fees and S$1.7 million in incentives, among others, to its key management and board directors.
However, remuneration disclosures in the year’s annual report showed all its seven directors receiving less than S$250,000 each, when in fact Mr Leslie Ong and Mr Johnny Ong, the firm's two founders, earned above S$750,000 that year.
In its latest annual report for 2025, the breakdown of compensation showed a header that said “below S$250,000” despite some of its directors receiving total remuneration that exceeded that figure.
Pointing out the discrepancies, the Securities Investors Association Singapore (SIAS), also asked why the firm had dished out S$1.7 million in directors’ incentives in the year before a major loss and whether it was impacted by the troubles surrounding its major shareholder mm2 Asia.
Unusual reported a net loss of S$22.5 million for the financial year of 2025, a reversal from profits of S$7.7 million in the previous year.
In a filing to the Singapore Exchange on Jul 22, Unusual said “the sub-headings in the tables showing the directors’ remuneration were not correct in the company’s annual reports”.
It added that it had issued corrected figures of its directors’ remuneration via a bourse filing on Jul 21, and apologised “for any confusion that may arise”.
“Moving forward, we will take steps to strengthen the review and validation process to prevent such occurrences in the future,” said the firm, which was the concert promoter for Hong Kong Heavenly King Jacky Cheung's concert here in 2023 and most recently, Mandopop veteran Wakin Chau and Japanese pop legend Ayumi Hamasaki.
On its financial losses, Unusual attributed this to several factors: a lower number of projects completed during the year; an increase in “fair value loss on financial assets” due to the firm’s decision to pivot away from certain genres in line with changing market conditions and evolving audience demand; as well as higher show fees and operational costs.
Asked by SIAS if the awarding of S$1.7 million in directors’ incentives in the year before a major loss may raise concerns about the company's governance and the integrity of its performance-based pay, Unusual said the incentives were “determined based on performance metrics and contractual entitlements applicable at the time, taking into account the business environment and contributions made by the executive directors”.
It added that the losses in 2025 were due to “unexpected changes in the industry and broader operating conditions, which could not have been reasonably foreseen”.
That said, the firm’s board “acknowledges that this may raise questions about perceived alignment between short-term incentives and long-term outcomes”, and its remuneration committee “will refine the remuneration structure to strengthen alignment with long-term performance”.
This includes incorporating appropriate safeguards, performance conditions and accountability mechanisms to protect the interests of all shareholders, Unusual said.
CNA has reached out to Unusual and SIAS for comment.
Unusual, founded in 1997, counts entertainment firm mm2 Asia as its major shareholder. The latter owns 51 per cent of Unusual Management, which in turn holds 76.88 per cent of Unusual.
Mainboard-listed mm2 Asia, which also owns Cathay Cineplexes, has been in the news for financial woes sparked by its struggling cinema operations. The entertainment firm has recently said it is mulling several options – including winding up the cinema business – to address its financial challenges.
On whether mm2's financial issues have affected Unusual and what financial safeguards are in place, Unusual said that the issues presently faced by mm2 Asia “is peculiar to itself and has nothing to do with the company”.
The management of Unusual is also “separate and independent” from mm2 Asia, it said.
Mr Melvin Ang, founder and executive chairman of mm2 Asia, currently sits on the board of Unusual as an non-executive chairman and non-independent director.
In response to further questions from SIAS, Unusual said that the group’s recent pivot away from certain content genres, such as family-themed projects, was a “commercially-driven or market-focused decision” that had nothing to do with mm2 Asia.
On questions surrounding mm2 Asia’s stake in the firm and whether Unusual’s board would consider new strategic investors, the homegrown concert promoter replied that its board and directors has, from time to time, responded to “queries from various parties, including possible strategic investors, on collaborations in various forms”.
It added that it “is open for discussion on any initiative(s) to bring the company and group to greater heights” but it would “respectfully desist from making any comments on the possibilities and eventual outcome related to mm2 Asia’s stake in the company”.
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For the financial year of 2024, the Catalist-listed firm had paid S$100,000 (US$78,198) in fees and S$1.7 million in incentives, among others, to its key management and board directors.
However, remuneration disclosures in the year’s annual report showed all its seven directors receiving less than S$250,000 each, when in fact Mr Leslie Ong and Mr Johnny Ong, the firm's two founders, earned above S$750,000 that year.
In its latest annual report for 2025, the breakdown of compensation showed a header that said “below S$250,000” despite some of its directors receiving total remuneration that exceeded that figure.
Pointing out the discrepancies, the Securities Investors Association Singapore (SIAS), also asked why the firm had dished out S$1.7 million in directors’ incentives in the year before a major loss and whether it was impacted by the troubles surrounding its major shareholder mm2 Asia.
Unusual reported a net loss of S$22.5 million for the financial year of 2025, a reversal from profits of S$7.7 million in the previous year.
In a filing to the Singapore Exchange on Jul 22, Unusual said “the sub-headings in the tables showing the directors’ remuneration were not correct in the company’s annual reports”.
It added that it had issued corrected figures of its directors’ remuneration via a bourse filing on Jul 21, and apologised “for any confusion that may arise”.
“Moving forward, we will take steps to strengthen the review and validation process to prevent such occurrences in the future,” said the firm, which was the concert promoter for Hong Kong Heavenly King Jacky Cheung's concert here in 2023 and most recently, Mandopop veteran Wakin Chau and Japanese pop legend Ayumi Hamasaki.
On its financial losses, Unusual attributed this to several factors: a lower number of projects completed during the year; an increase in “fair value loss on financial assets” due to the firm’s decision to pivot away from certain genres in line with changing market conditions and evolving audience demand; as well as higher show fees and operational costs.
Asked by SIAS if the awarding of S$1.7 million in directors’ incentives in the year before a major loss may raise concerns about the company's governance and the integrity of its performance-based pay, Unusual said the incentives were “determined based on performance metrics and contractual entitlements applicable at the time, taking into account the business environment and contributions made by the executive directors”.
It added that the losses in 2025 were due to “unexpected changes in the industry and broader operating conditions, which could not have been reasonably foreseen”.
That said, the firm’s board “acknowledges that this may raise questions about perceived alignment between short-term incentives and long-term outcomes”, and its remuneration committee “will refine the remuneration structure to strengthen alignment with long-term performance”.
This includes incorporating appropriate safeguards, performance conditions and accountability mechanisms to protect the interests of all shareholders, Unusual said.
CNA has reached out to Unusual and SIAS for comment.
Related:
CONCERNS ABOUT MM2
Unusual, founded in 1997, counts entertainment firm mm2 Asia as its major shareholder. The latter owns 51 per cent of Unusual Management, which in turn holds 76.88 per cent of Unusual.
Mainboard-listed mm2 Asia, which also owns Cathay Cineplexes, has been in the news for financial woes sparked by its struggling cinema operations. The entertainment firm has recently said it is mulling several options – including winding up the cinema business – to address its financial challenges.
On whether mm2's financial issues have affected Unusual and what financial safeguards are in place, Unusual said that the issues presently faced by mm2 Asia “is peculiar to itself and has nothing to do with the company”.
The management of Unusual is also “separate and independent” from mm2 Asia, it said.
Mr Melvin Ang, founder and executive chairman of mm2 Asia, currently sits on the board of Unusual as an non-executive chairman and non-independent director.
In response to further questions from SIAS, Unusual said that the group’s recent pivot away from certain content genres, such as family-themed projects, was a “commercially-driven or market-focused decision” that had nothing to do with mm2 Asia.
On questions surrounding mm2 Asia’s stake in the firm and whether Unusual’s board would consider new strategic investors, the homegrown concert promoter replied that its board and directors has, from time to time, responded to “queries from various parties, including possible strategic investors, on collaborations in various forms”.
It added that it “is open for discussion on any initiative(s) to bring the company and group to greater heights” but it would “respectfully desist from making any comments on the possibilities and eventual outcome related to mm2 Asia’s stake in the company”.
Continue reading...