Spackman diversifies into variety show production

Singapore

CATALIST-LISTED Spackman Entertainment Group now has an effective interest of 44.45 per cent in Delmedia - a Korean variety show production company - after its associated company, Spackman Media Group (SMG), acquired a majority stake in Delmedia for US$1.48 million.

On Friday, SMG entered into a share subscription agreement with Delmedia to subscribe to 320,000 common shares of the latter for a total cash consideration of 1.60 billion won. These acquired shares represent 88.89 per cent of the enlarged issued and outstanding shares of Delmedia after the completion of the subscription. The deal was funded by proceeds received from a recent share subscription; SMG had on May 29 raised US$7 million through a share placement and capital injection.