Korean Air Selects Kansas Asset Management as Preferred Bidder for Wangsang Leisure Development Sale
[Asia Economy Reporter Hyungsoo Park] Korean Air announced on the 30th that it has selected the Kansas Asset Management consortium as the preferred bidder for the sale of its subsidiary Wangsang Leisure Development.
Korean Air explained that it plans to discuss the main contract terms with the Kansas Asset Management consortium. The disposal amount and the scheduled disposal date will be finalized after consultation.
Last November, Korean Air selected the Kansas Asset Management and Mirae Asset Daewoo consortium as the preferred bidder and proceeded with the sale. However, they failed to agree on signing the main contract in April and removed the consortium from the preferred bidder status.
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In the sale negotiations, Mirae Asset Daewoo withdrew, and only Kansas Asset Management participated. Wangsang Leisure Development operates Wangsang Marina, a leisure facility located on Yeongjong Island in Incheon. It is a wholly owned subsidiary of Korean Air. The sale price is estimated to be around 130 billion KRW.
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