The last rejection that i can remember off my head was coming from Centurion Corp, who wanted to spin off their dorm businesses into a REIT. it was rejected by SGX as it was considered a chain listing.
Definition of chain listing: A subsidiary or parent company of an existing listed issuer will not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing issuer. In arriving at a decision, the Exchange will consider the applicant's business or commercial reasons for listing.
I don't follow mm2 closely but i took a quick look at its AR2016, which may answer the question:
- mm2 accquired a 51% stake in UnUsUal in May 2016 (pg 7 of AR16)
- A chart of mm2 operations (pg 13 of AR16) suggest that it is mainly a producer/distributor of TV/movie content and also operates cinemas in Malaysia.
- Based on UnUsUal website, it seems like it is a concert organizer/promoter, which is different from mm2's businesses --> So i think that explains it.
mm2 AR16: http://repository.shareinvestor.com/rpt_...filename/1