CJ CGV Vietnam Holdings gets initial go ahead for IPO

Korea’s bourse operator said Friday that it has approved CJ CGV Vietnam Holdings in a preliminary screening, clearing the way for the cinema chain based in the Southeast Asian country to debut on Seoul’s main exchange.

The Korea Exchange made the announcement without giving any further details.

CJ CGV Vietnam Holdings could be listed on the stock market as early as November, said an official of CJ CGV, Korea’s largest multiplex cinema chain. The source, who wanted to remain anonymous, said the price band has not yet been decided.

CJ CGV Vietnam Holdings operates the largest multiplex chain in Vietnam through its subsidiary CJ CGV Vietnam.

CJ CGV Vietnam Holdings is a wholly owned unit of CJ CGV.

Last year, CJ CGV Vietnam Holdings’ net profit came to 8.3 billion won ($7.4 million) on a consolidated basis on sales of 123.8 billion won.

In July, CJ CGV CEO Seo Jung said that the company aims to increase the number of its screens around the world to 10,000 in 11 countries by 2020.

Currently, the multiplex chain is the world’s fifth-largest cinema chain with 3,459 screens around the world.

Yonhap