Spackman Entertainment acquires Frame Pictures

ENTERTAINMENT production company Spackman Entertainment Group announced on Wednesday that it is acquiring Frame Pictures, a movie and drama equipment leasing business in South Korea.

The Catalist-listed company said that the total purchase consideration to acquire Frame Pictures comprises 900 million won (S$1.1 million) in cash and 497,250 issued and paid-up ordinary shares of the company's 24.53 per cent owned associated company, Spackman Media Group Limited (SMGL), representing 1.63 per cent of the total share capital of SMGL.

Spackman Entertainment is primarily engaged in the independent development, production, presentation and financing of theatrical motion pictures in South Korea.

Charles Spackman, executive chairman and chief executive officer of Spackman Entertainment, said: "We believe the business of Frame Pictures will benefit significantly from this deal with Spackman Entertainment Group as we will be able to provide access to a wider source of projects for Frame Pictures through our network."