SINGAPORE: The owner and operator of Cathay Cineplexes, mm2 Asia, announced late on Tuesday (Jul 29) several boardroom changes, including the departure of CEO Chang Long Jong.
In a bourse filing on the Singapore Exchange at about 11pm on Tuesday, mm2 said Mr Chang will be retiring on Sep 1 and that company founder Melvin Ang will assume interim CEO responsibilities during the search for a permanent CEO.
Mr Chang has been the CEO of mm2 since April 2017. He was "instrumental in expanding mm2’s footprint in the regional entertainment industry", said the company in a press release, while thanking him for his leadership.
It also announced that Mr Ang Chiang Meng will be joining as Chief Restructuring Officer from Aug 1.
He is the co-founder and managing partner of Argile Partners, a regional consultancy firm, and executive director of R&O Company, specialising in corporate and debt restructuring.
This move was taken "in view of the current cinema-related creditor negotiations and prolonged financial challenges stemming from the pandemic", mm2 said.
"With decades of cross-border experience spanning Singapore, greater China, Southeast Asia, and offshore financial hubs, he is uniquely qualified to lead mm2’s debt management and operational reorganisation," the company said.
"His credentials as a senior accredited director, chartered valuer, and restructuring expert will be pivotal in this transition."
In another bourse filing, mm2 said that Cathay Cineplexes had received a letter of demand for S$577,235.58 (US$449,000) from Resorts Concept, the licensor of its cinema units at E!Hub@Downtown East.
The sum covers licence fees, service charges, utilities, interest and other charges, the company said. Cathay is actively engaging with Resorts Concept to "negotiate and resolve issues related to the arrears", it said.
Cathay on Monday also received a claim over its cinema premises at Jem shopping centre. The claim was filed by solicitors acting for Lendlease Retail Investments 3 in the High Court.
It was the previous REIT manager for the lease of the premises at Jem, which has since changed to DBS Trustee Limited, as a trustee of Lendlease Global Commercial REIT.
This claim includes outstanding rental fees up to Mar 31, 2022, of more than S$1.98 million and interest amounting to about S$1.66 million as of Jul 25 this year.
The Cathay cinema at Jem was closed on Mar 27 after it received a notice of termination from DBS Trustee Limited.
The company had received a statutory demand for S$3.4 million on Jul 2. It was asked to pay the sum or to secure or compound the sum to the landlord's reasonable satisfaction by Jul 22.
In February, mm2 revealed that it had received letters of demand from the landlords of its Century Square and Causeway Point cinemas for S$2.7 million that it owed in rent and other costs. The amount owed is now more than S$3 million.
Mr Gary Goh has been appointed managing director of mm2 Entertainment, succeeding Mr Ng Say Yong, who will become chief content adviser to focus on content development.
Mr Goh is a seasoned film producer who has been with the group since 2014, mm2 said.
"His promotion reflects the board’s confidence in his ability to steer mm2 through this challenging period and a much-needed injection of fresh resources and expertise," it added.
The company said earlier in July that it is mulling several options, including winding up its cinema business, as it struggles with millions of dollars of debt.
Six Cathay Cineplexes cinemas have closed in around three years, leaving four outlets still in operation.
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In a bourse filing on the Singapore Exchange at about 11pm on Tuesday, mm2 said Mr Chang will be retiring on Sep 1 and that company founder Melvin Ang will assume interim CEO responsibilities during the search for a permanent CEO.
Mr Chang has been the CEO of mm2 since April 2017. He was "instrumental in expanding mm2’s footprint in the regional entertainment industry", said the company in a press release, while thanking him for his leadership.
It also announced that Mr Ang Chiang Meng will be joining as Chief Restructuring Officer from Aug 1.
He is the co-founder and managing partner of Argile Partners, a regional consultancy firm, and executive director of R&O Company, specialising in corporate and debt restructuring.
This move was taken "in view of the current cinema-related creditor negotiations and prolonged financial challenges stemming from the pandemic", mm2 said.
"With decades of cross-border experience spanning Singapore, greater China, Southeast Asia, and offshore financial hubs, he is uniquely qualified to lead mm2’s debt management and operational reorganisation," the company said.
"His credentials as a senior accredited director, chartered valuer, and restructuring expert will be pivotal in this transition."
Related:
PAYMENT DEMANDS
In another bourse filing, mm2 said that Cathay Cineplexes had received a letter of demand for S$577,235.58 (US$449,000) from Resorts Concept, the licensor of its cinema units at E!Hub@Downtown East.
The sum covers licence fees, service charges, utilities, interest and other charges, the company said. Cathay is actively engaging with Resorts Concept to "negotiate and resolve issues related to the arrears", it said.
Cathay on Monday also received a claim over its cinema premises at Jem shopping centre. The claim was filed by solicitors acting for Lendlease Retail Investments 3 in the High Court.
It was the previous REIT manager for the lease of the premises at Jem, which has since changed to DBS Trustee Limited, as a trustee of Lendlease Global Commercial REIT.
This claim includes outstanding rental fees up to Mar 31, 2022, of more than S$1.98 million and interest amounting to about S$1.66 million as of Jul 25 this year.
The Cathay cinema at Jem was closed on Mar 27 after it received a notice of termination from DBS Trustee Limited.
The company had received a statutory demand for S$3.4 million on Jul 2. It was asked to pay the sum or to secure or compound the sum to the landlord's reasonable satisfaction by Jul 22.
In February, mm2 revealed that it had received letters of demand from the landlords of its Century Square and Causeway Point cinemas for S$2.7 million that it owed in rent and other costs. The amount owed is now more than S$3 million.
Related:
OTHER LEADERSHIP CHANGES
Mr Gary Goh has been appointed managing director of mm2 Entertainment, succeeding Mr Ng Say Yong, who will become chief content adviser to focus on content development.
Mr Goh is a seasoned film producer who has been with the group since 2014, mm2 said.
"His promotion reflects the board’s confidence in his ability to steer mm2 through this challenging period and a much-needed injection of fresh resources and expertise," it added.
The company said earlier in July that it is mulling several options, including winding up its cinema business, as it struggles with millions of dollars of debt.
Six Cathay Cineplexes cinemas have closed in around three years, leaving four outlets still in operation.
Continue reading...