Kumho Asiana Group to sale its stake in Asiana Airlines Inc.
Kumho Industrial Co Ltd, a subsidiary of Kumho Asiana Group is set to sell its 33% stake in Asiana Airlines Inc. The stake is worth KRW 448 billion (USD 379.6 million). The group has kicked off the process to sell the stake in the debt-laden airline.
Kumho Asiana Group has been struggling with debt due to aggressive acquisitions done a decade ago and agreed to sell the airline on the advice of lead creator. The group has invited letters of intent from potential buyers and is open for preliminary bids. South Korea's SK Group and Hanwha Group are named as potential buyers according to sources.
Asiana Airlines Inc is the second-largest aircraft carrier service provider in South Korea. The airline operates 14 domestic and 90 international passenger routes, and 27 cargo routes throughout Asia, Europe, North America, and Oceania.
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