Spackman Entertainment acquires Frame Pictures

Singapore

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.

In a proposed acquisition of 100 per cent equity interest in Frame Pictures, the Catalist-listed company said that the total purchase consideration comprises 900 million won (S$1.11 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.