"Let's Fly Again!" Air Busan Resumes Stock Trading... Large-Scale Capital Increase of 250 Billion KRW Planned for Second Half

Stock Exchange Suspends Trading for Over 50 Days Due to Listing Disqualification Reasons

Measures to Enhance Management Transparency and Protect Shareholders' Rights Established to Prevent Recurrence

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Trading of Air Busan shares, which had been suspended, will resume from the 16th. Air Busan's trading was halted on May 26 due to disqualification for listing, and more than 50 days have passed since then.

Air Busan announced on the 15th that it underwent a review by the Korea Exchange to resume trading and has prepared measures to secure management transparency and protect shareholder rights.

Through voluntary disclosure, Air Busan presented measures to enhance management transparency, including △replacement of the management team at that time △establishment of board regulations to improve transparency in fund management △formation of an audit committee within the board.

To improve the deteriorated financial soundness caused by COVID-19, it also disclosed a plan for a capital increase worth 250 billion KRW.

The capital increase will be conducted through a “rights offering to shareholders followed by a general public offering of unsubscribed shares,” and the funds raised will be used for debt repayment and operating expenses.

An Air Busan official said, “We expect the capital increase to significantly improve the financial structure by resolving capital erosion and reducing the debt ratio.”

Air Busan CEO Ahn Byung-seok apologized, saying, “I bow my head in apology for causing great disappointment to shareholders and stakeholders due to the recent trading suspension caused by the listing eligibility review.”

CEO Ahn said, “We will establish a transparent governance system to further enhance management transparency through checks and monitoring, and prepare measures to protect shareholder rights. We will focus on overcoming the COVID crisis.”

This content was produced with the assistance of AI translation services.