Brunei prince buys into Singaporean promoter Unusual
His Royal Highness Prince Abdul Qawi, a member of Brunei’s royal family, has acquired a minority stake in Singaporean promoter Unusual for S$22.8 million (US$17.4m).
Unusual, which listed on the Singapore stock exchange last April, is a subsidiary of mm2 Asia, a major film and TV studio. Prince Qawi’s buy-in – which translates to 4.76% of the company – was at S$0.465 per share, more than double the $0.20 at which shares were priced for the stock market launch.
Prince Qawi (pictured), nephew of Bruneian sultan Hassanal Bolkiah, is eighth in line to the throne of the tiny south-east Asian nation, which is located on the north coast of Borneo. His other international investments include in Malaysian healthcare start-up BookDoc, and several properties in Melbourne, Australia.
Also investing in Unusual is billionaire business magnate Ron Sim, founder of Osim International, who has snapped up 0.63% of the company for S$3m (US$2.3m), according to the Straits Times.
” I see strong potential in providing high-quality live entertainment to the rapidly growing urban populations in Asia”
Mm2 Asia’s executive chairman, Melvin Ang, describes the new shareholders as “strategic investors”. “Unusual has charted a remarkable growth trajectory since its listing […] slightly more than a year ago, offering more and more international acts, as well as expanding regionally into Taiwan, South Korea and China,” he tells the paper.
Prince Qawi adds he sees “strong potential in providing high-quality live entertainment to the rapidly growing urban populations in Asia”.
Unusual’s upcoming shows include Mandopop star Eric Chou at Singapore Expo on 9 June, and Aussie soft-rockers Air Supply on 5 June, Irish boyband Boyzone on 21 August and worship group Hillsong United on 19 June, all at Singapore Indoor Stadium.
Singapore’s Unusual more than doubles IPO price
Singaporean promoter and production company Unusual Limited today more than doubled its share price in its first day as a public company.
Unusual, whose stock market launch, or initial public offering (IPO), was priced at S$0.20 per share, ended its first day of trading on the Singapore Exchange (SGX) at $0.435 per share, delivering a 117.5% premium to shareholders. Its market capitalisation stands at S$280 million, roughly US$199m.
The company was acquired by mm2 Asia, a major film and TV studio, for S$26m last February, turning the combined operation into the “largest entertainment group in Singapore”, said mm2 CEO Melvin Ang at the time.
“We are grateful for the fantastic support we have received from our shareholders, with whom we share this milestone,” comments Leslie Ong, Unusual’s CEO and executive director. “Even with our new status as a listed company, we will continue to do what we know best. By leveraging on our expertise, market knowledge, network and relationships, we aim to bring more quality events and concerts that will entertain and excite a broad range of target audience.”
“Unusual’s listing will provide investors an opportunity to invest in the region’s growing entertainment and lifestyle industry”
SGX’s Mohamed Nasser Ismail adds: “We are very excited to welcome Unusual Limited, one of Singapore’s well-known names in events and concert production, bringing large-scale events and concerts by renowned international artists to Singapore and the wider region.
“Unusual’s listing will provide investors an opportunity to invest in the region’s growing entertainment and lifestyle industry, and we look forward to supporting the company as it expands its footprint in overseas markets.”
Unusual’s promotion division, Unusual Entertainment Pte Ltd, is active in Singapore, Malaysia, China, Hong Kong and Macau. Its current tours include Singapore dates by Mandopop stars Ronghao Li and Eric Moo.