Vividthree Holdings (SGX:OMK), through its wholly-owned subsidiary Vividthree Productions, has signed a binding term sheet with MM2 Asia (SGX:1B0), a controlling shareholder of the company, for the exclusive operation of two venues at *SCAPE, according to a Monday filing to the Singapore bourse.

Under the pact, Vividthree Productions will manage the day-to-day operations of a livehouse venue and a music studio venue, including event programming, ticketing, customer service, food and beverage, technical and IT management, marketing, staffing, licensing, and regulatory compliance.

The arrangement is initially for three years, during which Vividthree Productions will bear all operating and capital expenditure costs.

Meanwhile, MM2 Asia, which holds approximately 23.06% of Vividthree's shares, is entitled to a fixed participation amount of up to SG$80,000 over three years, payable only out of distributable profit.