Singapore-listed mm2 Asia Ltd has finally pulled the plug on its struggling Cathay Cineplexes business, saying today that it was entering voluntary liquidation after talks to negotiate “amicable resolutions with the various creditors” had failed.

The company told the Singapore Stock Exchange this morning that, all things considered, it was no longer feasible for Cathay Cineplexes to continue operating as a going concern.

Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) have been appointed as provisional liquidators.

Yet another alarm for Singapore’s shrinking theatrical market, the move comes as little surprise.

mm2 Asia head Melvin Ang flagged the possibility of winding up the troubled cineplex business as early as July, saying landlord support had not been “meaningful”.

Ang seems positive that the parent company will keep going.

A month ago, mm2 Asia told SGX-ST that it was confident of its ability to continue operating as a going concern for the next 12 months.

mm2 Asia said it had only guaranteed S$3.1 million/US$2.4 million of Cathay’s debt of SG$17.6 million/US$13.55 million.

Mm2 Asia also said the “continued strength of the Group’s core content business, with positive performance across regional markets” would keep the company going. In addition to guarantees for only S$3.1 million, reasons for mm2’s optimism also include the proposed private placement of S$15 million/US$11.6 million announced on 4 July 2025.