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FINANCIAL SERVICES | Staff Reporter, Singapore

Spackman pushes for listing of two Korean subsidiaries

The company is merging Novus Mediacorp and Frame Pictures into a combined entity.

Spackman Entertainment Group is seeking the Catalist listing of two Korean subsidiaries on the Singapore Exchange Securities Trading Limited.

The company has approved the spin-off of its 51%-owned subsidiary Novus Mediacorp which it seeks to merge with Frame Pictures into a combined entity in a move that seeks to capture the growing post-theatrical and camera equipment leasing markets.

Novus Mediacorp is a post-theatrical distributor of Korean films whilst Frame Pictures is a Korean movie/drama equipment leasing player. The two companies were acquired by Spackman following its IPO.

"Despite our turnaround to profitability and accretive acquisitions, our valuation remains significantly lower than our industry peers. Therefore, we seek to restructure our Group through this Proposed Listing to unlock the value of our non-core subsidiaries, Novus Mediacorp and Frame Pictures,” said interim CEO Richard Lee.

Spackman has tapped RHT Capital as the financial adviser for the proposed spin-off and listing.

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