CJ CGV to offer $269 mn convertible subordinate bonds to bolster finance
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“Since new CEO Heo Min-hoi took office, we have been focusing on cost cutting and improving financial health,” said Jung Seung-wook, CFO of CJ CGV in an interview with Maeil Business Newspaper on Wednesday. “We will turn our focus from external growth to internal growth to boost profitability,” he said.
The hybrid securities that the company will offer have a 30-year maturity and can be exchanged for its common shares per 26,600 won apiece from July. They are also considered quasi perpetual bonds because the issuer can extend the expiry date of the bonds that also have a call option after five years, according to the company’s regulatory filing last week.
As of 11:23 a.m. on Thursday, shares of CJ CGV fell 0.56 percent to 26,400 won.
Market analysts predict CJ CGV would post 58 billion won and 7.5 billion won in operating loss in the first and second quarter, respectively. But the company is pinning high hopes on rebound in sales in overseas markets such as China and Vietnam.
“The poor performance of last year was owed to the sharp decline in the number of audiences and lack of content from Hollywood,” said Jung. While the domestic business is still struggling, its overseas sales in China and Vietnam recovered to the 2019 level in the first three months, raising hopes for rapid growth and even turnaround in the second half if Hollywood starts to release films.
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