Seoul: Daemyung Sono Group, a condominium and resort company in South Korea, announced on Wednesday that it has agreed to take over management control of T'way Air Co., a low-cost carrier.
According to Yonhap News Agency, Sono International, the holding company of Daemyung Sono Group, has entered into an agreement to purchase 52.34 million shares of T'way Holdings Inc. from its chief and its largest shareholder, Yearim Co., a local publishing company. The acquisition is valued at 250 billion won (US$174.39 million), as stated by company officials.
Prior to the acquisition, Daemyung Sono Group was T'way's second-largest shareholder, holding a 26.77 percent stake. The recent agreement increases its ownership in the carrier to 54.79 percent. T'way Holdings was previously the largest shareholder with a 28.02 percent stake.
A Sono official remarked, "We will provide services that match those of full-service carriers and manage the airliner to offer a reasonable choice for customers. We aim to enhance corporate competitiveness and boost profit while securing a sustainable growth engine to increase shareholder value."