Cj Cgv, the Korean movie theaters giant, is to raise $286 million from the sale of a slice of its Indonesian, Vietnamese and Chinese businesses.
The company, which has its own stock market listing and is affiliated to the Cj Group, which includes Cj E&m and Cj Entertainment, said this week that it had sold a 29% stake in CGI Holdings to financial investors Mbk Partners and Mirae Asset Daewoo. The move is understood to be the precursor of an Ipo of the overseas businesses on the Hong Kong Stock Exchange.
The sale price implies a valuation of $986 million. That compares with a recently stated enterprise value of $1.3 billion.
Cj Cgv said that the share sale would help reduce its own heavy indebtedness, to 436% of its assets. The deal is expected to be completed in the last week of December.
“Investors acknowledged the growth potential of our business in the Chinese, Vietnamese and Indonesian cinema markets,...
The company, which has its own stock market listing and is affiliated to the Cj Group, which includes Cj E&m and Cj Entertainment, said this week that it had sold a 29% stake in CGI Holdings to financial investors Mbk Partners and Mirae Asset Daewoo. The move is understood to be the precursor of an Ipo of the overseas businesses on the Hong Kong Stock Exchange.
The sale price implies a valuation of $986 million. That compares with a recently stated enterprise value of $1.3 billion.
Cj Cgv said that the share sale would help reduce its own heavy indebtedness, to 436% of its assets. The deal is expected to be completed in the last week of December.
“Investors acknowledged the growth potential of our business in the Chinese, Vietnamese and Indonesian cinema markets,...
- 11/20/2019
- by Patrick Frater
- Variety - Film News
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