GHY Culture & Media to acquire 51% shareholding interest in Clover Films

GHY Culture & Media Holding has entered into a non-binding memorandum of understanding with the shareholders of the Clover Films Group to invest in the group, which will result in GHY acquiring 51 per cent shareholding interest in each of its entities.

Clover Films' existing shareholders Lim Teck and Paulyn Chua Nga-Lim will retain the remaining 49 per cent interest in the entities.

The proposed strategic investment is part of entertainment business GHY's growth strategy as it enhances its geographical footprint in Singapore and South-east Asia, the group said in a press release. GHY intends to increase movie distributor Clover Films' production and distribution capacity.

Clover Films Group is primarily engaged in the distribution of international movies in Singapore, Malaysia and other South-east Asian countries.

It has distributed more than 300 movies since its establishment in Singapore in 2009, including the Korean blockbuster Train To Busan and its sequel Peninsula, the Academy Award-winner Parasite, Andy Lau's Shockwave 2 and Jackie Chan's CZ12.

It is also involved in the production of local movies in Singapore and Malaysia, such as Jack Neo's Ah Boys To Men series.

Shares of GHY were trading at 71.5 Singapore cents as at 10.08am on Wednesday, up 0.5 cent or 0.7 per cent.