South Korea's largest multiplex cinema chain CJ CGV said Monday that it has purchased a 7.8-percent stake in Indonesian movie theater chain, PT Graha Layar Prima Tbk.
The deal, valued at 34.7 billion won ($30.1 million), will help CJ CGV to make inroads into the Southeast Asian country with high potential of growth in the film market, the company said.
CJ CGV (Yonhap)
With the purchase, CJ CGV will control 40.25 percent of the Indonesian firm's total stakes, it said.
The company further forecast that the stake purchase will "increase the value of the company and strengthen the brand image."
Owned by South Korean food and entertainment conglomerate CJ, CGV now operates some 130 theaters in its home country and 111 overseas. (Yonhap)