Singapore's mm2 to buy Vividthree Production
5 Mar – Singaporean film producer and distributor mm2 Asia, has signed a term sheet to buy a 51 percent stake in Vividthree Production.
While no deal terms have been revealed, mm2 did say that it hopes to have the deal with the Singapore-based animation company completed by end of March, Variety reports.
mm2 Asia was recently listed on the local stock exchange and this will be its first post-IPO acquisition. Vividthree Production, which previously worked with mm2 on the latter's hit title "Ah Boys to Men", is a company that provides 3D stereoscopic animation, 3D animation and video effects for movies and commercials.
"With this lateral extension into 3D animation services," mm2 said in a statement, "the group believes it will strengthen its competitive advantage as a movie producer and eventually gain access to new markets, customers and business opportunities."
mm2's latest title, "Ah Boys to Men 3: Frogmen", recently broke the record for an Asian film which has the highest ever box office takings in its opening weekend in Singapore. It has collected SGD2.8 million domestically since its release on 19 February 2015.
