SEOUL, Nov. 18 (Yonhap) -- CJ CGV, South Korea's largest multiplex cinema chain, said Monday that it has sold a 30 percent stake in its local units in China and Southeastern Asian countries for US$286 million to improve its financial status.
As part of its global business strategy, the cinema unit of major South 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 PE.
Following the sale, CJ CGV owns a 72.43 percent share in CGI Holdings, while the consortium owns the rest, according to the company.
CJ CGV said the sale will help ease its financial burden and expand its overseas business.
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