Spackman Entertainment: China property company made unsolicited bid for Novus Mediacorp

Singapore five-dollar note Photo by Leslie Shaffer

Spackman Entertainment said on Thursday that a Chinese real estate company has made an unsolicited bid to acquire 51 percent owned Novus Mediacorp for 30 billion South Korean won, or around S$36.5 million.

In May, the producer of South Korean dramas had said it planned to spin off Novus Mediacorp and Frame Pictures into a combined entity and seek a listing on the Singapore Exchange’s Catalist board, it said in a filing to SGX before the market open on Thursday.

“The discussions between Novus Mediacorp and the Chinese real estate company are on-going and still at a preliminary stage. To date, no definitive agreement has been entered into by the parties,” Spackman said. “There is also no assurance that any transaction will materialize in connection to the proposed acquisition of Novus Mediacorp as stated in the news article.”

It said it would consider and explore all options on either the proposed listing or the potential sale of Novus Mediacorp.

Spackman’s filing to SGX followed a report in South Korean daily newspaper Kukmin Ilbo about the proposed bid, it said.

Spackman said that the statements in the article shouldn’t be construed as company statements or opinions and “no reliance should be placed in relation therewith.”

The article said a large Guangdong-based real estate company created a consortium to bid for Novus Mediacorp.

Get the Shenton Wire morning briefing in your inbox