mm2 Asia Executive Chairman Melvin Ang's Shareholding Reduced Following Forced Sales by CGS International

mm2 Asia's executive chairman Melvin Ang has experienced a reduction in his company shareholding by 50 million shares over the past week, bringing his total holdings to approximately 856 million shares, representing a 13.1% stake.

The shareholding decrease resulted from compulsory sales executed by CGS International across a three-day period, which were "initiated due to the margin maintenance ratio falling below the stipulated minimum level."

The forced liquidation included 22 million shares sold on September 18, followed by an additional 10 million shares disposed of the next day.

Both transactions were executed at a price of 0.2 cents per share.

Prior to these sales, CGS International had disposed of 18 million of Ang's shares on September 15 at 0.3 cents per share.

An earlier transaction on September 2 saw 9 million shares sold at the same 0.3 cents price point.

These developments occurred just one day after mm2 Asia, which manages various entertainment and associated business operations, declared its intention to liquidate cinema subsidiary Cathay Cineplexes.

mm2 Asia's September 19 regulatory filing revealed that Ang maintains 214.8 million shares through CGS-CIMB Securities (Singapore), while holding an additional 623.85 million shares via UOB Kay Hian under his wholly-owned entity Lionsgate Alpha.

mm2 Asia's stock price concluded at 0.2 cents on September 19, marking an 80% decline year-to-date and establishing the company's market capitalization at slightly above $5.2 million.

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