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Spackman Entertainment Group invests 250 million won in South Korean film production startup
SPACKMAN Entertainment Group has sunk 250 million won (S$309,171) into the seed financing round for a South Korean film production company, The Makers Studio, and owns 20 per cent of the firm.
The Makers Studio is a startup film production firm set up by three Korean entertainment industry veterans, with plans to produce and release four films from 2018 to 2020.
Spackman said in a statement on Thursday that the investment will strategically strengthen the group's existing film production arm to add value to its revenue.
The deal was arrived at following arm's length negotiations on a willing buyer, willing seller basis, and will be fully funded in cash by the group's internal resources.
Charles Spackman, executive chairman and chief executive of Spackman Entertainment Group, noted that the investment into The Makers Studio follows one of the group's new strategies of seed financing industry veterans with successful track records.
"We expect The Makers Studio to leverage on the group's networks and resources to increase the visibility and distribution channels of its pipeline of upcoming films," he said.
"The group will continue to eye quality early-stage Korean film production companies in its objective to strengthen its existing film production business."
Spackman shares closed 0.9 per cent or 0.1 Singapore cent up at 11.3 Singapore cents on Thursday, before the announcement was made.