SINGAPORE (Aug 30): mm2 Asia has confirmed the sale of its controlling stake in its chain of cinemas. While it will collect net proceeds of S$67.3 million, it will also book a loss of S$84.7 million.

Under terms of an agreement signed on Monday, mm2 Asia will sell 80% of its cinema business to one Jasmine Foo Mei Ling, who is buying the stake via Kingsmead Properties.