Tuesday, April 5, 2016

South Korea CJ CGV purchased 7.8% BLTZ shares

JAKARTA - South Korea’s largest multiplex cinema chain CJ CGV has purchased additional 7.8 percent stake in Indonesian movie theater chain, PT Graha Layar Prima Tbk (IDX: BLTZ). This will help CJ CGV to make inroads into the Southeast Asian country with high potential of growth in the film market, the company said. The deal worth 34.7 billion won (US$30.1 million). With the purchase, CJ CGV will control 40.25 percent of the Indonesian firm’s total stakes, it said. Owned by South Korean food and entertainment conglomerate CJ, CGV now operates some 130 theaters in its home country and 111 overseas. (*)