Korean Air's low-cost affiliate Jin Air jumps on hopes curbs would be lifted

Jin Air Co

07/03/2019 02:13

** South Korean budget carrier Jin Air Co Ltd  272450.KS ,
an affiliate of the country's largest airline Korean Air Lines
Co Ltd  003490.KS , jumps as much as 7 pct on hopes curbs would
to be lifted after Chairman Cho Yang-ho plans to step down as
director from the group's six affiliates
    
    ** Cho, who currently serves as a board member in Hanjin
Group's nine affiliates, will step down from the board of
directors of six affiliates including Jin Air, while maintaining
 his positions at three affiliates including Korean Air, to lead
the group's reform by focusing on the key affiliates  - co
statement
    
    ** Last year, Jin Air's licence was put under review after
it was found that Emily Cho, member of founding family, held
U.S. citizenship while serving as board director in violation of
South Korean law. Despite Cho's angry tantrum earlier in 2018
causing public outrage, the country's no. 2 budget carrier
managed to keep its business licence  urn:newsml:reuters.com:*:nL4N1V8165
    
    ** Although Jin Air kept its licence, it was restricted from
registering new aircraft and routes for a "certain period of
time", the transport ministry said in August 2018
    
    ** There will be no need for the government to wait to lift
regulations as the resignation of two executive directors,
including Cho, has met the company's final task for lifting
restrictions which was to increase the ratio of non-executive
directors - says Choi Go-woon, an analyst at Korea Investment &
Securities
    
    ** The benchmark index KOSPI  .KS11  was down 0.2 pct as of
0201 GMT

 ((Reuters Messaging: joori.roh.thomsonreuters.com@reuters.net))