December 15, 2018

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[THE INVESTOR] Low-cost carrier Air Busan won approval on Nov. 22 for its planned initial public offering on the country’s main exchange, the bourse operator said.

After conducting a preliminary screening, the Korea Exchange said it found Air Busan suitable for going public on the KOSPI market.

The approval cleared the way for the budget unit of Asiana Airlines, the country’s second-biggest full-service carrier, to debut on the market either in December or early next year.

Details of its share price band are not presently available.

Last year, Air Busan reported a net profit of 28.5 billion won (US$25.30 million) on sales of 561.7 billion won.

Mirae Asset Daewoo and NH Investment & Securities are lead managers for the planned listing, according to Air Busan.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)