mm2 Asia's (SGX:1B0) associated company, Cathay Cineplexes, has closed its outlet at the JEM shopping mall in Singapore, according to a Thursday filing with the Singapore Exchange.
The company has ceased operations due to challenges facing the cinema industry since Covid-19 and had been negotiating with the landlord for over a year.
However, the company is going to continue exploring new opportunities to enhance cinema going experience and will work on enhancing its offerings.
Shares of the company were down over 10% in recent trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.