CGV sells stake in abroad theaters

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CGV sells stake in abroad theaters

CJ CGV, Korea’s largest multiplex cinema chain, said Monday that it has sold a 30 percent stake in its local units in China and Southeast Asia for $286 million to improve its financial status.

As part of its global business strategy, the cinema unit of major Korean entertainment group CJ set up CGI Holdings to consolidate its operations in China, Vietnam and Indonesia and sold the stake to a consortium of two private equity funds - MBK Partners and Mirae Asset Daewoo.

Following the sale, CJ CGV owns a 72.43 percent share in CGI Holdings, while the consortium owns the rest, according to the company.

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