Singapore’s Cathay Cineplexes is set to cease operations, its parent company mm2 Asia announced on Monday, 1 September 2025. The decision follows unsuccessful negotiations with creditors regarding the company’s mounting financial obligations.
In an official filing with the Singapore Exchange (SGX), mm2 Asia’s CEO, Melvin Ang, revealed that attempts to reach amicable restructuring agreements with various creditors—including DBS Trustee Limited, Century Square, HSBC Institutional Trust Services, and Lendlease Retail Investments—had failed. Consequently, the cinema chain’s board determined it was no longer feasible to continue operations. The company’s remaining outlets are located at Causeway Point, Downtown East, Century Square, and Clementi 321.
Financial reports show that mm2 Asia’s net loss for FY2025 surged to S$122.4 million, up from just S$1.9 million the previous year, with total revenue falling to S$165.1 million, down 13.9% from S$191.8 million in 2024. The second half of FY2025 proved particularly challenging, with losses nearly ten times higher than the same period the year before. Melvin Ang cited “legal and financial issues from our cinema business” as key contributors to the downturn.
History and Timeline
Founded in 1939 as Cathay Cinema at The Cathay along 2 Handy Road, the chain was Singapore’s first air-conditioned cinema. Over the past few years, Cathay Cineplexes progressively closed multiple outlets, including Cineleisure, Parkway Parade, AMK Hub, West Mall, and Jem, due to lease terminations and unpaid rental arrears.
Earlier in 2025, mm2 Asia faced additional financial pressure, including statutory payment demands totaling over S$10 million from landlords and an attempt to extend a S$54 million bond repayment by six years. Despite a brief campaign to attract audiences with voucher sets and promotions, the efforts were insufficient to stabilise the business.
With the closure, Singapore loses one of its historic cinema operators, marking the end of an era in the local film exhibition scene.