Elektromotive Group Limited to acquire South Korea’s Dream T Entertainment

SINGAPORE — Elektromotive Group Limited, which is listed on Singapore Stock Exchange’s Catalist board, will be making a dramatic change of course from its core business of technological and engineering solutions to managing and nurturing K-pop artistes.

It has acquired a 63.13 per-cent stake, worth S$22.7 million, in South Korea’s Dream T Entertainment, and will be re-naming the company — from Elektromotive Group to Arion Entertainment Singapore — pending approval from its shareholders, said Elektromotive, which has an office in International Building.

Elektromotive made its announcement today (Dec 15) at a press conference at the Marina Bay Sands Convention Centre accompanied by popular Korean group Girl’s Day — one of the artistes managed by Dream T Entertainment.

Speaking to reporters, executive director of Elektromotive Group Limited Luke Ng Kai Man said its primary business — which deals with providing technology and engineering solutions for electric vehicle charging stations across Europe — has been “losing money for a long time”, and that it had been looking for new businesses that can generate new revenue and profit.

It will be selling its business on electric vehicle recharging solutions and focusing on Korean entertainment as well as its existing publishing business, he added.

“At Elektromotive, we believe in focusing our efforts and resources into areas with high growth potential and the Korean entertainment industry is a perfect example. Singapore’s lifestyle culture is heavily influenced by Korean brands and personalities; from K-pop to K-dramas, even cosmetic and fashion brands,” Ng said.

Besides Girl’s Day, Dream T and its subsidiary, YMC Entertainment, are known for managing artistes such as boy band MAP6, actor-musician Ji Hyun-Woo and actress Hong Soo-Ah, and for producing music, drama series, and soundtracks.

The proposed acquisition aims to expand Elektromotive’s services with new offerings that include representing Dream T and YMC artistes, concert and events organisation, and training for young talents in South-east Asia. The hope is, with its presence in Singapore, companies in South-east Asia will be able to work more closely with the artistes at Dream T and YMC.

Dream T’s chief executive officer Lee Jong-Suk, who was also present at the conference, added that the company plans to start a training academy for potential K-pop stars in China, and eventually expand to countries such as Indonesia, Malaysia and Vietnam. He is also open to forming local partnerships to start a training academy in Singapore.

“Existing stars in Singapore can work with Dream T in coming to Korea, and in (starring in) our content,” said Lee. “We are also looking for young talent in Singapore, and maybe bring them to Korea for training, where they may become part of K-pop groups.”