Daemyung Sono Group acquires T'way Air
Daemyung Sono Group, a leading condominium and resort company in South Korea, said Wednesday it has agreed to acquire the management control of low-cost carrier (LCC) T'way Air Co.
Sono International, the holding company of Daemyung Sono Group, has signed an agreement to acquire 52.34 million shares of T'way Holdings Inc., from its chief and from its largest shareholder, Yearim Co., a local publishing company, for 250 billion won (US$174.39 million), according to company officials.
Sono was T'way's second-largest shareholder with a 26.77 percent stake, and the agreement boosted its share in the air carrier to 54.79 percent.
T'way Holdings had been the largest shareholder of the airline, with a 28.02 percent stake.
"We will provide services that match those of full-service carriers and well manage the airliner to provide a reasonable choice for customers," a Sono official said. "We will enhance corporate competitiveness and boost profit, while securing a sustainable growth engine to increase shareholder value." (Yonhap)
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