<article>Korean conglomerate <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/cj-group/">CJ Group</a> has dropped its plan to list the CJ CGV Vietnam Holdings subsidiary on Korea’s main Kospi market, citing difficulty in valuing the transaction.</article>

Korean conglomerate <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/cj-group/">CJ Group</a> has dropped its plan to list the CJ CGV Vietnam Holdings subsidiary on Korea’s main Kospi market, citing difficulty in valuing the transaction.
“We carried out forecasts for the finalisation of the IPO, but it is difficult to accurately access the value of the transaction,” the group said in a regulatory filing.
Prior to this decision, in October, CJ announced a delay in the IPO timeline, moving the subscription period to November 7-8.
The offering was expected to help CJ CGV Vietnam raise up to 132 billion won ($116.7 million) for its expansion plan.
The company is the leading cinema operator in Vietnam with 65 theatres nationwide, reportedly occupying a 50 per cent market share. CJ Group entered the local movie theatre market in 2011 through the $73.6-million acquisition of MegaStar to own an 80 per cent stake. Its local partner, Phuong Nam Corporation, holds the balance stake.
According to the latest update from CJ, the Vietnam unit has become a wholly owned subsidiary.
CJ CGV Vietnam earned VND109 billion ($4.7 million) profit in the first half of 2018, up 24 per cent year-on-year, according to Vietnamese media reports.
CJ is present in Vietnam through food, infrastructure and logistics, entertainment and media businesses. Particularly, it has aggressive ramped up its footprint in food processing and logistics through M&amp;A. The firm’s recent deals included acquiring majority holdings in two units of private equity-backed Gemadept, known as Vietnam’s biggest logistics company.
Also read: <a href="https://www.dealstreetasia.com/stories/cj-group-unit-acquires-majority-stake-in-vietnam-logistics-firm-gemadept-83972/">CJ Group acquires majority stake in units of Vietnamese logistics firm Gemadept</a>

Korean conglomerate CJ Group has dropped its plan to list the CJ CGV Vietnam Holdings subsidiary on Korea’s main Kospi market, citing difficulty in valuing the transaction.

S Korea's CJ drops plan to list Vietnamese cinema operator

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S Korea's CJ drops plan to list Vietnamese cinema operator

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