Spackman Entertainment, a South Korean theatrical film production group, on Monday announced its proposed acquisition of Take Pictures Pte for an undisclosed amount.
Take Pictures Pte, a unit of Take Pictures Co is a start-up motion picture production company incorporated in the Republic of Korea.
""The potential acquisition of Take Pictures is in accordance with our objective to continually seek acquisitions that will strategically add accretive value to our existing movie production business," Chief Executive Officer Charles Spackman of Spackman Entertainment said in a statement.
The transaction is at a preliminary stage and the exclusive period of the memorandum of understanding is ends on October 31.
Earlier this year, Spackman also acquired Frame Pictures, a movie and drama equipment leasing business, for S$1.11 million in cash, and 497,250 issued ordinary shares of the company's associated company, Spackman Media Group .
Shares in the Singapore-listed Spackman Entertainment fell 1 percent to S$0.104. The stock has lost about 45 percent so far this year.
