S.Korea's Aekyung makes binding bid for Asiana Airlines stake

Kumho Engineering & Construction

07/11/2019 05:25

SEOUL, Nov 7 (Reuters) - A consortium led by South Korean
retail-to-airline group Aekyung submitted a formal bid for a
controlling stake in Asiana Airlines Inc  020560.KS , the
country's No. 2 carrier, on Thursday, Aekyung said on Thursday. 
    The 31.05% stake, worth about 382 billion won ($329.15
million) at current prices, has been put up for sale by top
shareholder Kumho Industrial Co Ltd  002990.KS , which has been
under pressure from its creditors to reduce debt.
    Aekyung also has a stake in the country's largest budget
carrier Jeju Air  089590.KS . 
    Kumho Industrial in April hired Credit Suisse to manage the
sale of its stake in Asiana Airlines.  urn:newsml:reuters.com:*:nS6N211009

($1 = 1,160.5800 won)

 (Reporting by Heekyong Yang; Editing by Hyunjoo Jin and
Muralikumar Anantharaman)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))