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Korean theater chain boosting stake in Indonesian cinema operator

South Koreanmovie theater chain CJ CGV is planning to increase its stake in 'sGraha Layar Prima, operator of the CGV Blitz cinema chain, the Jakarta Globe reported July 23.

According to the report, the -owned CJ CGV has set asideabout $25 million to buy 50.6 million shares in Graha Layar Prima by Aug. 1, atransaction that would amount to more than half of the company's 99.3 millionClass C shares. The Korean multiplex chain currently holds a14.75% stake.

This move comes after the Indonesian governmentreportedly eased foreign ownership rules for cinema operators in the country,allowing overseas companies or individuals to own up to 100% of local movietheater chains.