Rising Chinese-Singapore entertainment group GHY Culture & Media is to acquire majority control of independent Singapore film distributor Clover Films. The move was described as a “strategic investment” and leaves current management in charge of operations at Clover.
Stock market-listed GHY is to buy 51% of the shares of privately-owned Clover, but it did not reveal a valuation. GHY said that the acquisition is part of its growth strategy and “enhances its geographical footprint in Singapore and Southeast Asia.”
Clover Films was founded in 2009 and operates as a distributor in Singapore and neighboring Malaysia. Its main focus is international films, especially Asian titles. It has handled films including “Train To Busan,” “Peninsula,” “Parasite” “Shockwave 2 and “CZ12.”
Clover has also been involved in local production in Singapore and Malaysia. Its production credits include Jack Neo’s “Ah Boys To Men” series, Eric Khoo’s “Ramen The” and Adrian Teh’s “Wira.” Since 2020, the Clover Films group has become a developer of content for streaming platforms and broadcasters.
“Given our vast industry experience and end-to-end production capabilities, we are confident of adding strategic value to the existing production and distribution competencies of the Clover Films Group,” said Guo executive chairman and Group CEO of GHY.
“We believe strongly in the filmmaking talent of our region and will work with our filmmakers to develop and create good quality content out of Southeast Asia for the wider global audience,” said Clover MD, Lim Teck. “We believe that both the Clover Films Group and GHY can leverage on our identified synergies and tap on our combined resources to expand both our content distribution and production businesses.”
GHY was founded and remains headed by screenwriter and producer Guo and has significant mainland Chinese connections. These have seen the company involved in several TV drama series, including “The Little Nyonya” that are intended for mainland consumption. It recently tied up with mainland Chinese streaming firm iQiyi to form what it claims is Southeast Asia’s largest talent agency.
GHY currently produces in Singapore, Malaysia and China. It also has concert promotion operations in Singapore, Malaysia and Australia and smaller operations in talent management, mostly in China, and costumes, props and makeup services in China and Singapore.