Elektromotive seeking to acquire entertainment firm

Singapore

ELEKTROMOTIVE Group is looking to transform itself into an entertainment company, moving away from its under-performing electric vehicle charging equipment business.

It plans to acquire 63.13 per cent of South Korea-incorporated artiste management company Dream T Entertainment for S$22.7 million, payable in cash or shares, expected to be completed in the second quarter of next year. The acquisition will also see the Catalist-listed firm changing its name to Arion Entertainment Singapore, pending an extraordinary general meeting on Friday.