SEOUL — Dyne Film, headed by “Silmi Island” producer Jonathan Kim, has become the latest South Korean production shingle to secure a stock-market listing. It did so through a reverse takeover of the KOSDAQ-listed security systems firm Guardtec.
The acquisition by Guardtec of 100% of Dyne Film for a reported $13.9 million (Won13.4 billion) paid in shares, sees Dyne become Guardtec’s largest shareholder. Meanwhile, Kim was Tuesday named Guardtec’s new CEO.
Guardtec also recently purchased local and international distribution rights to upcoming Hanmac production “Monopoly” for a reported $500,000. In coming weeks, company is expected to change its name and to dispose of its non-entertainment interests.
“It’s becoming harder and harder for independent producers to compete with publicly-owned production companies in attracting investment,” Kim said. “Although there is a lot of money available in the Korean film industry, it is primarily from companies that insist on being principal investors. That’s what led us to this decision.”
Kim says he will continue to own and operate his Hanmac Films shingle as a separately-run company and he has unveiled an ambitious 2006 lineup for Hanmac and Guardtec.
Upcoming productions include “Fly Daddy Fly,” starring young phenom Lee Joon-ki from record-breaking hit “King and the Clown”; “Countdown,” featuring “Welcome to Dongmakgol” star Jung Jae-young; Korean-Japanese co-production “Virgin Snow,” skedded to open production in August; “Misil,” a sexually forthright period piece set during the matriarchal Shilla Dynasty; and “Tale of the Flying Dragon,” based on a novel by acclaimed Korean-Japanese writer Tsuka Kohei.
Guardtec will also consider entering the publishing market, and will be seeking partnership with a major telco to encourage the rollout of digital cinema.