Courage Marine eyes South Korea artist management business

DRY bulk carrier owner Courage Marine is planning to acquire a South Korean artist management firm in order to diversify its revenue sources.

The group said on Thursday evening that it has entered into a non-binding memorandum of understanding with BDG Entertainment Limited to acquire the entire interest in BDG Entertainment Asia Limited.

Upon signing of the MOU, BDG Entertainment Limited will conduct a "corporate reorganisation" for BDG Entertainment Asia to acquire certain entities which are engaged in the business of artist management and artist training centre management in South Korea.

The consideration, to be settled by cash and/or issuance of shares, will be determined after negotiations between Courage Marine and BDG Entertainment.

Courage Marine provides marine transportation services, logistics services and merchandise trading, and also holds property and investments. "By investing in the target company, it is expected that (Courage Marine) can diversify its revenue sources and capture new business opportunities which may create substantial value to the shareholders," it said.