[Special Stock] Jeju Air Rises on News of Acquiring Management Rights of Eastar Jet
[Asia Economy Reporter Geum Bo-ryeong] Jeju Air's stock price showed strength on the afternoon of the 2nd following news that it has finalized the acquisition of management rights of Eastar Jet.
As of 2:11 PM that day, Jeju Air's stock price recorded 21,300 KRW, up 5.97% (1,200 KRW) compared to the previous close.
Jeju Air held a board meeting that morning and announced that it signed a stock purchase agreement with Eastar Holdings, the largest shareholder of Eastar Jet, to acquire management rights of Eastar Jet for 54.5 billion KRW. The acquisition price was reduced by 15 billion KRW from the original plan.
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The purpose of the acquisition is to "enhance competitiveness and synergy as an air passenger transportation operator." The number of shares acquired is 4,971,000, and the post-acquisition shareholding ratio is 51.17%.
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