Kumho Asiana Group co shares surge on plan to sell Asiana Airlines
11/04/2019 02:07
** Kumho Asiana Group co shares surge after the group agrees
to sell its airline unit including Asiana Airlines 020560.KS ,
if it fails to implement restructuring plan urn:newsml:reuters.com:*:nL3N21S1Q9
** To resolve its liquidity problem, the group requests
Korea Development Bank KDB.UL for financial support worth 500
billion won ($439.29 million)
** Asiana Airlines gains as much as 18.5 pct, while its
affiliates Air Busan 298690.KS and Asiana IDT 267850.KS soar
29.9 pct and 25.6 pct, respectively
** Asiana's biggest shareholder, Kumho Industrial
002990.KS , jumps as much as 13 pct
** Considering the group's determination for normalisation
including plans to sell Asiana, creditors are expected to enter
negotiation with more flexibility, Choi Go-woon, an analyst from
Korea Investment & Securities, says in a report
** However, it will take a long time to recover investor
sentiment as well as trust of creditors
** The broader KOSPI market .KS11 was trading flat
($1 = 1,138.2000 won)
((hayoung.choi.thomsonreuters.com@reuters.net))