Packman Entertainment Group has acquired a 10 per cent equity interest in NSY Group, which owns the Korean dessert cafe chain Nunsongyee in Singapore.

The Korean entertainment production giant says the total purchase consideration for the acquisition is S$137,755 (US$102,000) in cash.

This was arrived at following arm’s-length negotiations on a willing-buyer/willing-seller basis and taking into account the steady profitability of NSY for the past two years and an unaudited net asset value of S$276,874, says the group.

Executive chairman/CEO Charles Spackman says this is a start as the group will continue to seek investment opportunities in Singapore brands.

“We plan to collaborate in various ways with Nunsongyee in Singapore, especially by associating its growing brand with celebrities represented by our associated company Spackman Media Group.”