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.
More in K-pop
Ex-Wonder Girl and extreme taekwondo player have big plans for their future together
Somi set for a comeback on July 22
Ju-ne and Jay of iKON suffer minor injuries after car accident
Twice once again tops Japan's Oricon chart with latest single
Exo-SC tops iTunes chart in 50 regions with latest album