JKL Partners Sells Partial Stake in T'way Air... Sono Inter Becomes Second Largest Shareholder
Sale of Stocks Worth 105.6 Billion KRW by Sono International
Partial Exit by PEF Management Company
T'way Air announced on the 1st that its second-largest shareholder, Double U Value Up Limited Company, sold 32,091,467 shares (14.9%) of T'way Air stock to Sono International at an off-market price of 3,290 KRW per share. The total sale amount is approximately 105.6 billion KRW.
Double U Value Up Limited Company is an investment purpose company established by the private equity fund (PEF) management firm JKL Partners. It previously held a 26.77% stake in T'way Air. Through this sale, Sono International becomes the new second-largest shareholder of T'way Air.
The shareholding gap between T'way Air's largest shareholder, T'way Holdings (29.74% stake), Yerimdang (1.72% stake), and the second-largest shareholder JKL Partners was only 2.97 percentage points. This sale of shares by JKL Partners appears to be a result of an exit (investment recovery) strategy.
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With the restructuring of the shareholding among major investors related to T'way Air completed, interest in the company's long-term management strategy and future development direction is expected to increase.
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