Key facts
- CJ CGV is raising nearly $800 million in total.
- The capital increase aims to bolster finances and invest in new technologies.
- CJ CGV operates the largest cinema chain in South Korea.
- The company has significant operations in Vietnam, Indonesia, Turkey, and the U.S.
South Korean cinema giant CJ CGV is looking to raise nearly $800 million to improve its financial standing following the COVID-19 pandemic and to fund investments in advanced cinema technologies. The company announced on June 20 that its board approved a KRW570 billion ($445 million) capital increase through a rights issue to shareholders. CJ Group, the parent conglomerate and largest shareholder, intends to participate in this offering. Additionally, CJ CGV is pursuing a further KRW450 billion ($352 million) in in-kind investments, which involve its CJ OliveNetworks tech subsidiary and are pending court approval. CJ CGV operates the largest cinema chain in South Korea and has a significant presence in Vietnam, Indonesia, Turkey, and the U.S., including plans for a new 14-auditorium multiplex in San Francisco featuring its premium 4DX and ScreenX formats.