mm2 Asia has received a letter of demand (LOD) and a statutory demand (SD) from solicitors representing Frasers Centrepoint Trust (FCT) for rent and other costs owed by its associates Cathay Cineplex to landlords, on July 15.
The LOD and SD are in respect of outstanding rental and related payments for leased premises at Century Square and Causeway Point.
The payment sum, which is $2,619,235,72 in full, has to be paid within three weeks from the date of service of the statutory demand, which is by August 5.
Cathay Cineplex, which is operated by mm2 Asia, received letters of demand from landlords at two of its cinemas in Feb. The landlords of its cinema outlet in Century Square – Century Square LLP and the management corporation strata title of the mall – have asked for payment of $643,064.36 and $86,142.31 in rental arrears and other monies.
The full amount must be paid within three weeks from the date of the service of the letter of demand and statutory demand.
mm2 Asia says that it is seeking legal advice regarding the abovementioned matters and intend to engage with Frasers to explore all available options. It will make further announcements as and when there are material developments.
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Shares in mm2 Asia closed 0.1 cent higher or 16.667% up at 0.7 cents on July 16.
