SINGAPORE (Sept 19): Spackman Entertainment Group, the Korean entertainment production group, has acquired a 10% stake in NSY Group for $137,755 in cash.
NSY Group owns the Korean dessert café chain Nunsongyee which is known for its modern take on the traditional Korean icy dessert, bingsu.
The group has seven branches in Singapore and is currently exploring overseas expansions to countries such as Malaysia, Australia and New Zealand.
Charles Spackman, executive chairman and CEO of Spackman, says, “With this investment into Nunsongyee as a start, we will continue to seek investment opportunities in local Singapore brands in which we can leverage our presence in Korean entertainment to create additional value.”
“We plan to collaborate in various ways with Nunsongyee in Singapore, especially by associating its growing brand with certain celebrities represented by our associated company, Spackman Media Group,” adds Spackman.
Shares in Spackman closed at 12 cents on Tuesday.