mm2 Asia says its associated company Cathay Cineplexes owes rent of more than $2.68 million to various landlords including Frasers Centrepoint Trust .
According to mm2 Asia , Cathay Cineplexes on Feb 3 and Feb 10 received letters of demand for a total amount of $2.2 million due FCT, which owns Causeway Point.
Separately, Cathay on Feb 10 received similar letters of demand for a total sum of just over $480,000 for rent in arrears at Century Square.
mm2 Asia says it is "actively engaging" with the landlords to "resolve the matter promptly and amicably, prioritizing minimal disruption to business operations."
mm2 says it is also mulling "possible restructuring" of Cathay's business and financial obligations.
mm2 Asia shares closed at 1.1 cents, down 8.33% for the day and down 45% in the past 12 months.
