Spackman subsidiary raises US$7m for expansion, turns associate

SINGAPORE- Catalist-listed Spackman Entertainment Group announced on Tuesday that its once subsidiary Spackman Media Group Pte. Ltd. had on May 29, 2015, completed a share placement and the capital injection by the company, raising a total of US$7 million.

Its executive chairman Charles Spackman said that with the funds raised, the group, through Spackman Media Group, is in a stronger position to continue its acquisitive growth strategy and make investments into entertainment related businesses "that can diversify our exposure in the Korean entertainment sector."

Spackman Media Group sold six million ordinary shares for US$6 million in cash to investors, and a further 999,999 shares to Spackman Entertainment Group for US$999,999.

It also issued and allotted about five million shares to Spackman Entertainment Group as consideration for a 51 per cent majority stake in marketing and media company BreakfastfilmCo, acquired through the latter.

Following the completion of the transactions, Spackman Media Group is now 50 per cent owned by Spackman Entertainment, and is thus an associate of the company.