Korea’s CJ CGV To Cut Debt By Selling Stake in Vietnam Property Unit
Sonia Kil South Korea’s top exhibitor CJ CGV will sell its 25% stake in CJ Vietnam, CJ’s Vietnamese real estate investment unit, on Jul. 3.The move is will shore up CGV’s balance sheet which has been badly hit by coronavirus closure of its cinemas. CGV’s debt to equity ratio increased by almost threefold to 845% in the first quarter of 2020.According to the document published on Korea’s National Financial Supervisory Service, the stake will be sold for around $26.8 million (KRW 32.42 billion).