C CGV, a company that is one of the world’s top ten cinema exhibitors and is also a major cinema technology developer, is to raise close to $800 million in order to shore up its finances after a de…
C CGV, a company that is one of the world’s top ten cinema exhibitors and is also a major cinema technology developer, is to raise close to $800 million in order to shore up its finances after a devastating COVID era.and has significant numbers of screens in Vietnam, Indonesia, Turkey and mainland China, with smaller operations in Myanmar and the U.S.
The company said on Tuesday that its board of directors had approved a capital increase of KRW570 billion that will take the form of a rights issue to ordinary shareholders. The diversified foods to fertilizers conglomerate CJ Group is’s largest shareholder, but the cinema company has its own share listing. CJ Group said that it will take up its right and subscribe for the offer.
Before the pandemic, South Korea had one of the world’s highest rates of per capita cinema attendance, making the mid-sized nation with some 50 million population, the world’s fourth largest box office market.
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