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THE INVESTOR
September 18, 2019
Big Reunion

Industrials

Process to sell Asiana Airlines to begin next month

  • PUBLISHED :June 27, 2019 - 14:33
  • UPDATED :June 27, 2019 - 14:33
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Kumho Asiana Group, a South Korean airline-to-petrochemical conglomerate, said on June 27 it will begin the process to sell its airline unit next month as part of its broad restructuring efforts. 

At a shareholders meeting, Han Chang-soo, president and chief executive of Asiana Airlines, said, “As the due diligence (being conducted by Ernst & Young accounting firm) is going smoothly as planned, the group will give the public bidding notice (for Asiana) next month.”
  


The news gave a boost to shares of Kumho Asiana affiliates. Asiana Airlines rose 2.9 percent to 5,640 won ($4.87) and Kumho Industrial climbed 4 percent to 14,250 won, outperforming the broader Kospi‘s 0.8 percent gain as of 1 p.m.

Conglomerates, such as SK, CJ, Hanwha and Aekyung, have been mentioned as potential bidders for the country’s second-biggest full-service carrier after Korean Air, though they have denied the rumors.

Early this month, Korean Air Chairman Cho Won-tae said the company “is looking at the deal.” 

The 33.5 percent stake in Asiana up for sale is held by Kumho Industrial, a construction unit of the group. 

By Ram Garikipati and newswires (ram@heraldcorp.com)

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