Sale of Asiana Airlines on track as planned: KDB chief

16:02 December 04, 2019

By Choi Kyong-ae

SEOUL, Dec. 4 (Yonhap) -- Kumho Asiana Group's plan to sell its airline unit Asiana Airlines Inc. appears to be on track for completion as planned, the group's main creditor bank said Wednesday.

Last month, the HDC Hyundai Development-Mirae Asset Daewoo consortium beat two consortia led by airline-to-cosmetics conglomerate Aekyung Group and homegrown private equity fund Korea Corporate Governance Improvement (KCGI), respectively, to acquire the controlling 31 percent stake in Asiana Airlines.

Kumho Industrial Co., which owns a 31 percent stake in Asiana Airlines Inc., is in negotiation to sell the airline by December as planned, state-run Korea Development Bank (KDB) Chairman Lee Dong-gull told reporters.

Kumho Industrial and the HDC-Mirae consortium are expected to sign a share purchase agreement in mid-December.

The HDC consortium submitted an overall acquisition price of 2.5 trillion won for the 31 percent stake, new shares to be issued and the airline's six affiliates, which include low-cost carriers Air Busan and Air Seoul Inc.