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Spackman Entertainment Group Acquires 10% of Nunsongyee, a Korean Dessert Cafe Chain in Singapore

2017-09-19 17:48
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-- Nunsongyee is a popular Korean dessert cafe chain in Singapore, specialising in Korean bingsu, rice balls and signature toasts
-- Part of Group's strategy to invest in complementary consumer businesses that can leverage on association with Korean celebrities in Southeast Asia

SINGAPORE, Sept. 19, 2017 /PRNewswire/ -- Spackman Entertainment Group Limited ("Spackman Entertainment Group" or the "Company" and together with its subsidiaries, the "Group"), one of Korea's leading entertainment production groups, wishes to announce that it has acquired a 10% equity interest in NSY Group Pte. Ltd. ("NSY"), which owns Nunsongyee, a popular Korean dessert cafe chain in Singapore (the "Acquisition").

The total purchase consideration for the Acquisition is S$137,755 in cash. This was arrived at following arm's length negotiations on a willing-buyer willing-seller basis and taking into account, inter alia, the steady profitability of NSY for the previous two fiscal years 2016 and 2017, and the unaudited net asset value of S$276,874 of NSY as at 30 April 2017. 

Nunsongyee is known for its modern take on the traditional Korean icy dessert known as bingsu. Founded in 2015, Nunsongyee has quickly expanded to 7 branches in Singapore, with cafes located in Bugis, Upper Bukit Timah, Hougang Midtown, Upper Thomson, Tanjong Katong, Tampines and Rochester. The chain is exploring overseas expansion plans to countries such as Malaysia, Australia, and New Zealand.

Mr. Charles Spackman, Executive Chairman & Chief Executive Officer of Spackman Entertainment Group, said, "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."

The aforesaid acquisition is not expected to have any material impact on the Group's earnings per share and net asset value per share for the financial year ending 31 December 2017.

About Spackman Entertainment Group Limited

Spackman Entertainment Group Limited ("SEGL" or the "Company"), and together with its subsidiaries, (the "Group") is a leading entertainment production company that is primarily engaged in the independent development, production, presentation, and financing of theatrical motion pictures in Korea. In addition to our film business, we also make investments into entertainment companies and film funds that can financially and strategically complement our existing core operations. SEGL is listed on the Catalist of the Singapore Exchange Securities Trading Limited under the ticker 40E.

SEGL's Zip Cinema Co., Ltd. ("Zip Cinema") is one of the most recognised film production labels in Korea and has originated and produced some of Korea's most commercially successful theatrical films, consecutively producing 8 profitable movies since 2009 representing an industry leading track record. Recent theatrical releases of Zip Cinema's motion pictures include some of Korea's highest grossing and award-winning films such as MASTER (2016), THE PRIESTS (2015), COLD EYES (2013), and ALL ABOUT MY WIFE (2012). For more information on Zip Cinema, do visit http://zipcine.com

SEGL also owns Novus Mediacorp Co., Ltd. ("Novus Mediacorp"), an investor, presenter, and/or ancillary distributor for a total of 75 films (52 Korean and 23 foreign) including SECRETLY, GREATLY, which was one of the biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS fame, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the ancillary distributor of ALL ABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. For more information on Novus Mediacorp, do visit  http://novusmediacorp.com

Our films are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. We release all of our motion pictures into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

We also operate a cafe-lounge called Upper West, in the Gangnam district of Seoul and own a professional photography studio, noon pictures Co., Ltd..

The Company is a 26.2% strategic shareholder of Spackman Media Group Limited ("SMGL"). SMGL, a company incorporated in Hong Kong, together with its subsidiaries, is collectively the largest entertainment talent agency in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as MS Team Entertainment Co., Ltd., UAA & Co Inc., Fiftyone K Inc., SBD Entertainment Inc., and Kook Entertainment Co., Ltd. Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows, and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists. SMGL is an associate company of the Group.

On 31 March 2017, the Group completed the acquisition of 100% equity interest in Frame Pictures Co., Ltd. ("Frame Pictures"). Frame Pictures is a leader in the movie/drama equipment leasing business in Korea. Established in 2014, Frame Pictures has worked with over 25 top directors and provided the camera and lighting equipment for some of Korea's most notable drama and movie projects including THE LEGEND OF THE BLUE SEA (2016) featuring Jeon Ji-hyeon and Lee Min-ho, as well as VETERAN (2015), the number one movie at the Korean box office in 2015 starring Yoo Ah-in.

For more details, do visit http://www.spackmanentertainmentgroup.com/

Investor & Media Contact

Spackman Entertainment Group Limited
Ms Jasmine Leong
Tel: +65 6694 4175
Email: jasmine.leong@spackmangroup.com

Source: Spackman Entertainment Group Limited

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