Latest news with #AirPremia
Korea Herald
08-05-2025
- Business
- Korea Herald
Tire Bank Group Acquires Controlling Stake in Air Premia
Paving the Way for Stronger Governance and Global Expansion of Korea's Leading Hybrid Airline SEOUL, South Korea, May 8, 2025 /PRNewswire/ -- Tire Bank Group has officially acquired a controlling stake in Air Premia (CEO Kim Jae-hyun, Yoo Myung-sub), Korea's first long-haul hybrid airline, reinforcing its commitment to advancing the country's aviation industry on a global scale. On April 30, 2025, Tire Bank Group signed a definitive agreement to acquire an additional 22% equity stake in Air Premia from JC SPC and Sono International. This acquisition raises the Group's total ownership to over 70%, solidifying its position as the airline's majority shareholder. Since Air Premia's launch in 2018, Tire Bank Group has played a pivotal role in supporting the airline's development through strategic investments. Despite global headwinds and the unprecedented impact of the COVID-19 pandemic, Air Premia has demonstrated remarkable operational resilience and adaptability. Tire Bank Group maintained unwavering confidence in the airline's potential, steadily increasing its ownership to 48% during turbulent times. Now, with a controlling interest, the Group is positioned to drive responsible management practices and long-term growth strategies. Fleet and Route Expansion Underway Air Premia is actively expanding its fleet and route network as part of its mid- to long-term growth plan. The airline currently operates seven Boeing 787-9 aircraft, with two additional aircraft set to be introduced later this year. Beginning July 2, the carrier will launch a new route to Honolulu, Hawaii - its fourth scheduled destination in the USA. To bolster operational stability, additional spare engines have also been secured. Executive Statement "Airlines are more than businesses—they represent the dignity and global standing of a nation," said Kim Jeong-kyu, Chairman of Tire Bank Group. "We are committed to building Air Premia into a premium hybrid airline that proudly represents Korea and elevates its presence in the global aviation market." About Tire Bank Group Founded in 1991, Tire Bank is Korea's first and only dedicated tire distribution company, operating 501 stores across the country. With a customer-first philosophy, the company has introduced a range of industry-first services, including a tire warranty program, tire hotel premium storage service, and an emergency response program for tire-related issues. Tire Bank also actively contributes to local communities through various charitable and donation initiatives.
Korea Herald
02-05-2025
- Business
- Korea Herald
Daemyung Sono to sell Air Premia stake amid aviation portfolio pivot
Daemyung Sono Group, a South Korean resort and condominium operator, said Friday that its holding company, Sono International, will sell its entire 22 percent stake in Air Premia, dampening speculation that the group intended to merge the hybrid carrier with its other budget airline, T'way Air. The stake, split at 11 percent each between Sono International and private equity firm JC Partners through a joint venture, will be sold to local tire retailer Tire Bank at 1,900 won per share by the end of September. The deal is valued at around 120 billion won ($84 million). According to Sono International, the sale represents a broader effort to streamline its aviation portfolio, underscoring the group's pivot toward T'way Air — where it recently secured management control. In February, Sono International agreed to acquire 46.26 percent stake in T'way Holdings — which owns 28.02 percent of T'way Air — for 250 billion won, raising its effective stake in the airline from 26.77 percent to 54.79 percent. 'We remain committed to building a stable and systematic management framework for T'way Air to support long-term, sustainable growth in a rapidly evolving aviation landscape,' a group official said. While Air Premia had initially appealed to the group as the only budget carrier offering long-haul routes to the Americas, T'way Air is also preparing to enter the North American market, with a new route to Vancouver, British Columbia, set to launch in July. T'way Air currently operates flights across Korea, Asia and select European destinations, including Paris and Rome. Meanwhile, Tire Bank expressed confidence in Air Premia's long-term vision, noting it has backed the carrier since 2018 through sustained capital investment. The deal will increase its stake from 48 percent to more than 70 percent, solidifying its status as the airline's largest shareholder.
