[Featured Stock] Asiana Airlines Soars on News of Acquisition by Hanjin Group

[Image source=Yonhap News]

[Asia Economy Reporter Koo Eun-mo] Asiana Airlines is surging in the early trading session. It appears that news of Hanjin Group, which owns Korean Air, considering acquiring Asiana Airlines is influencing the market.

As of 9:10 AM on the 13th, Asiana Airlines was trading at 4,755 KRW, up 19.47% (775 KRW) from the previous trading day. During the session, it even rose to 5,000 KRW at one point. At the same time, Korean Air also recorded 25,500 KRW, up 3.66% (900 KRW) from the previous day.

According to financial sources the day before, Hanjin Group is reportedly reviewing a plan to acquire Asiana Airlines through financial support from the Korea Development Bank, which is Asiana Airlines’ creditor bank.

The plan involves Hanjin Kal, at the top of Hanjin Group’s ownership structure, investing funds via a third-party allotment capital increase and then purchasing Asiana Airlines shares (30.77%) held by Kumho Industrial.

Following the collapse of HDC Hyundai Development Company’s acquisition of Asiana Airlines, Asiana Airlines remains under creditor management.

Asiana Airlines has already exhausted 3.3 trillion KRW in support funds from state-run banks and recently received an additional 240 billion KRW from the Industrial Stabilization Fund.

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