Company Briefs: Spackman Entertainment Group

Spackman Entertainment Group

South Korean entertainment company Spackman Entertainment Group said yesterday that it was selling its loss-making subsidiary Opus Pictures.

It said that the six films which Opus Pictures had invested in since 2014 had performed below expectations at the South Korean box office, resulting in losses. The movies include Musudan and Chasing, which were released this year. The six films had recorded a loss of 10.7 billion won (S$12.6 million).

The company added that Opus Pictures had been making a loss since 2014, and had taken up 41 per cent of the Spackman Group's expenses.

Olam International

Global agri-business Olam announced yesterday that it has signed a five-year US$175 million (S$235 million) loan agreement with the International Finance Corporation.

The loan will go towards financing sugar-mill and spice-processing facilities in India, as well as sesame-hulling and Crown Flour Mill facilities in Nigeria.

The company said that the loan would generate rural employment and provide market opportunities for farmers to sell their crops, thereby improving the livelihoods of the local communities in the region.

Darco Water Technologies

Mainboard-listed Darco Water Technologies announced yesterday that its subsidiary, Wuhan Kaidi Water Services, had won a 40.9 million yuan (S$8.5 million) contract from Tianjin SDIC Jinneng Electric Power.

Wuhan Kaidi, a wastewater-treatment company, will work on one of China's first desulfurisation wastewater-treatment projects. The company said the state-of-the-art technologies used for this project cost less and can boast a smaller carbon footprint. They also require minimal chemical cleaning and has long-term operational stability, it said.

The firm expects the project to be completed by the end of the year.

A version of this article appeared in the print edition of The Straits Times on April 20, 2016, with the headline 'Company Briefs'. Subscribe