April 19, 2024

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[THE INVESTOR] Kumho Holdings, the holding company of Kumho Asiana Group, announced on March 15 that China’s HNA Group has decided to acquire its bonds with warrant for 160 billion won (US$139.40 million). 

The two groups are seeking to create strategic synergies, said Kumho Asiana adding that they will expand their partnership across the aviation industry from hotels and resorts development to ground handling, maintenance and catering.

Kumho’s Asiana Airlines, South Korea’s second-largest full-service carrier, and the Swiss subsidiary of Chinese aviation and shipping giant had jointly invested and established Gate Gourmet Korea late last year. 

HNA is headquartered in Hainan, China, and is the largest stakeholder in Hainan Airlines, the fourth-largest in China, and Hilton hotel chain.

By Hwang You-mee (glamazon@heraldcorp.com)