SINGAPORE – Spackman Entertainment Group Limited one of Korea’s leading entertainment production groups founded by investment veteran Mr. Charles Spackman announced that its Board has approved the spin-off of the Group’s 51%-owned subsidiary, Novus Mediacorp and the Group’s wholly-owned subsidiary, Frame Pictures Co., Ltd. for the combined entity to seek listing on the Catalist Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) (“Proposed Listing”).
The Company has appointed RHT Capital Pte. Ltd. (“RHT Capital”) as the financial adviser in relation to the Proposed Spin-off and the issue manager and full sponsor in relation to the Proposed Listing.
The Company believes that the Proposed Spin-off and Proposed Listing shall allow the combined entity of Novus Mediacorp and Frame Pictures to independently raise the capital necessary to unlock the full potential of its operations and projects, and to capitalize on the rapidly growing post-theatrical and camera equipment leasing markets.
Novus Mediacorp, a renowned post-theatrical distributor of films in Korea, and Frame Pictures, a leading Korean movie/drama equipment leasing player, are engaged in distinct and separate businesses from the Group’s core business of film production. These two companies were acquired after the Group’s IPO, and are managed separately and independently of the Group’s main operations.