The company is a Hong Kong-based holding company, whose principal assets are its three South Korean film production company subsidiaries. Spackman Entertainment Group is a subsidiary of Toronto-listed Spackman Equities Group.
The listing of Spackman Entertainment Group will see the sale of some 70 million shares at S$0.26 apiece raising a total of S$18 million, including S$13 million of new capital for the company. With 395 million shares in issue post the sale, Spackman Entertainment Group will have an implied market capitalization of S$103 million. Trading on the Catalist layer of the Singapore exchange is set to begin on July 22.
The company’s Korean subsidiaries include Opus Pictures, one of the producers of Bong Joon-ho’s “Snowpiercer;” and Zip Cinema, which last year produced “Cold Eyes,” the highly polished remake of Hong Kong thriller “Eye In The Sky.” A third Korean subsidiary takes financial positions in the films produced by Opus and Zip.
“The flotation, if successful, will provide additional capital for our Korea movie businesses and enable Zip Cinema and Opus Pictures to increase their collective slate of films for next year to at least 3 releases,” said Charles Spackman, chairman and CEO of Spackman Equities, in November last year when he raised a round of pre-IPO financing.