Doubts raised over Spackman's proposed divestment of an associate for at least S$32 million

Singapore

SPACKMAN Entertainment Group's proposed divestment of an associate for at least S$32 million has raised concerns as the transaction appears to be at a considerable loss, and the buyer would become a subsidiary of the Catalist-listed firm after the deal.

This more so as Spackman Entertainment had acquired the associate Spackman Media Group Limited at a significant premium to net tangible assets (NTA) merely two years ago.