Asiana Airlines up for sale
The total value of the deal is expected to surpass 1 trillion won
/NOVOSTIVL/ Kumho Asiana Group has decided to dispose of its controlling stake in its flagship Asiana Airlines to avert a liquidity crisis facing Korea's second-largest carrier, the group said Monday. This article appeared in the The Korean Times.
SK, Hanwha, CJ and several other conglomerates have been mentioned as potential buyers for Asiana, which has been struggling under mounting debt amid rising costs and intensifying competition, according to industry analysts.
Kumho Industrial, the largest stakeholder in Asiana Airlines, said its board of directors decided to unload its 33.47 percent stake in the carrier, as part of the group's self-rescue plan to prevent a liquidity crisis.
Currently, the 33.47 percent stake, or 68.7 million shares, is worth approximately 300 billion won ($264.9 million) on the market. Adding in premiums for managing rights of the subsidiaries, the total value of the deal is expected to surpass 1 trillion won.