Sam Goi Seng Hui, the executive chairman of Tee Yih Jia Food Manufacturing, has increased his stake in Mainboard-listed MM2 Asia to 5.14% from 4.92% previously.
Goi had purchased 14.16 million shares in MM2 Asia via market transaction on Feb 4 for $155,761.10 or 1.1 cents apiece.
According to MM2 Asia’s annual report for the FY2024 ended March 31, 2024, Goi is the company’s 5th largest shareholder with 285 million shares representing a 6.81% stake at the time.
For the 1HFY2025, MM2 Asia reported a loss of $3.9 million compared to earnings of $3.1 million in the same period the year before.
Revenue fell by 32.1% y-o-y to $87.3 million due to a lower number of projects completed in the group’s concert and event segment. MM2’s cinema business was also affected by the lack of strong Hollywood movies, which was due to the dual strikes over labour disputes. The strikes took place from May to November 2023.
Shares in MM2 Asia closed 0.1 cents lower or 8.33% down at 1.1 cents on Feb 6.
