Spackman’s next major film is on…The Asian Financial Crisis

Spackman’s next major film is on…The Asian Financial Crisis

Samantha Chiew
04/09/17, 06:16 pm

SINGAPORE (Sept 4): Spackman Entertainment Group, the Korean production group, today announced that the next major film by wholly owned subsidiary, Zip Cinema, will be Sovereign Default.

Sovereign Default is a historical financial thriller depicting the behind‐the‐scenes story of the tumultuous week leading up to the rescue package agreed upon between the International Monetary Fund (IMF) and the Republic of Korea to prevent bankruptcy on the backdrop of the 1997 Asian Financial Crisis.

The group is expecting the total production budget to be about KRW9.7 billion ($11.7 million).

Sovereign Default is targeted to be released in second half of 2018, in time for one of the peak box office weeks of the year and in anticipation of the future easing of China‐Korea relations, Zip Cinema has secured the coveted 2018 Chinese New Year holiday in Feb 2018 for the release of Golden Slumber.

The film will later be distributed by CJ Entertainment.

Sovereign Default comes after Golden Slumber, the group’s other major film, and filming will start at end-2017 or early-2018.

Charles Spackman, Executive Chairman & CEO of Spackman says, “Zip Cinema will have two films released in the 2018 fiscal year and we hope that these timely releases will increase Zip Cinema’s chances of continuing its long streak of commercially successful films.”

Shares in Spackman closed at 10.9 cents on Monday.

HNA unit's lenders seize assets as payment deadline missed

(Apr 23): Lenders to HNA Group Co.’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility. Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9 am on April 17 tied to a HK$1.4 billion ($242 million) loan taken out in September. Operations of CWT are continuing as usual and trading in CWT International sha....

Billionaire Kwek keeps it in the family with luxury condo sales

SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause. Kwek’s son and daughter-in-law, Kingston and Cecilia Kwek, spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing late Monday. His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest $4.3 million. Kwek ....

Don't underestimate the recovery potential of this education stock: UOB

SINGAPORE (April 23): UOB Kay Hian is starting coverage on Overseas Education Limited (OEL) at “buy” with a 46 cent price target, based on 10.4 times EV/EBITDA or a 15.4% discount to global peers’ 2019 average. In an initiation report on Tuesday, analyst John Cheong says he deems the stock’s valuations attractive at its current 8.3 times 2019F EV/EBITDA and an 8.2% dividend yield. Cheong views this yield level as sustainable due to OEL’s strong operating cash flows despite the recent relocation of its Orchard Road campus to Pasir Ris due to lease expiration. Although the mov....