SINGAPORE (Oct 11): Spackman Entertainment also announced that it has entered into a sale and purchase agreement to acquire Studio Take, a Korean film production company, through the purchase of Take Pictures for a consideration of about $3.93 million.
Take Pictures currently owns 100% of the equity interest in Studio Take, a development motion picture production company that has previously co-produced with the Zip Cinema, the group’s indirect wholly-owned subsidiary.
Take Pictures is founded by Song Dae-chan, a 15-year veteran movie producer.
Charles Spackman, executive chairman and CEO of Spackman Entertainment says, “We believe that the acquisition of Take Pictures will significantly benefit our film production business as it will allow the Group to expand its annual movie production capacity.”
“In order to add accretive value to our existing film production business, we plan to focus on acquiring or investing into early stage production companies that can be more easily integrated with our culture of movie making,” Spackman adds.
In a separate filing, Spackman Entertainment also announced it has entered into a sale and purchase agreement with Spackman Media Group (SMG) to purchase 900,000 common voting shares at US$3 ($4.10) per share, bringing the total consideration that comprises newly issued ordinary share to US$2.7 million.
Upon completion, the group’s stake in SMGL will increase to 29.12% from 26.17% previously.
SMG, the Korea-based talent agency, is an associated company of Spackman Entertainment which was incorporated in Hong Kong.
Shares in Spackman closed flat at 12 cents on Tuesday.