Seoul: T'way Air Co. on Thursday announced that it will sell stocks to raise 110 billion won (US$79.6 million). The proceeds from the stock sale will be used mainly to finance its operations.
According to Yonhap News Agency, the company will issue some 56.78 million common shares at a price of 1,937 won per share. The stock will be sold to the investors that the firm designated.
This strategic move by T'way Air is aimed at bolstering its financial footing, ensuring the airline can maintain and expand its operations. The decision to raise funds through a stock offering comes at a time when many airlines are seeking additional capital to navigate the current economic climate.