Spackman acquires 10% of Korean dessert cafe chain in Singapore

SPACKMAN Entertainment Group Limited announced on Tuesday that it has acquired a 10 per cent equity interest in NSY Group Pte Ltd which owns Nunsongyee, a Korean dessert cafe chain in Singapore.

The Korean entertainment production group said that the total purchase consideration for the acquisition is S$137,755 in cash.

It said: "This was arrived at following arm's length negotiations on a willing-buyer willing-seller basis and taking into account, inter alia, the steady profitability of NSY for the previous two fiscal years 2016 and 2017, and the unaudited net asset value of S$276,874 of NSY as at April 30, 2017."

Charles Spackman, executive chairman & CEO of Spackman Entertainment Group, said: "With this investment into Nunsongyee as a start, we will continue to seek investment opportunities in local Singapore brands in which we can leverage our presence in Korean entertainment to create additional value.

"We plan to collaborate in various ways with Nunsongyee in Singapore, especially by associating its growing brand with certain celebrities represented by our associated company, Spackman Media Group."

The acquisition is not expected to have any material impact on the group's earnings per share and net asset value per share for the financial year ending Dec 31, 2017, Spackman said.

On Monday, Spackman's wholly owned subsidiary, Frame Pictures, had been awarded a contract to supply camera systems and equipment for Netflix's first Korean original production, Love Alarm.

The total contract value tentatively stands at 320 million won (about S$380,000), subject to changes in the final filming schedule.

Spackman closed trading at S$0.122 on Tuesday, up 0.1 Singapore cent, or 0.83 per cent.