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(Seoul=NSP NEWS) = CJ CGV is pursuing a capital increase of up to 1 trillion won to stabilize its financial structure and strengthen future business operations.

On 20th, CJ CGV held a board meeting and resolved a total of KRW 570 billion capital increase by issuing new stocks.

The capital increase will be conducted through a general public offering after allocation to shareholders. Subscription will take place in early September. Shinhan Investment, Korea Investment & Securities, and Samsung Securities will participate as joint lead supervisors for the capital increase.

CJ Corporation will participate in the capital increase by allocation to shareholders with an investment of approximately KRW 60 billion. In addition, CJ Corporation plans to make an in-kind contribution of its subsidiary, CJ Olive Networks, through a third-party allocation capital increase.

The value of the in-kind contribution will be determined through court approval, and the amount currently evaluated by an accounting firm is approximately KRW 450 billion. With capital increase combined, the total capital increase will reach 1 trillion won.

By Eun-young Huh(eunyoung114@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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