November 7, 2019 / 5:27 AM / 8 days ago

S.Korea's Aekyung makes binding bid for Asiana Airlines stake

SEOUL, Nov 7 (Reuters) - A consortium led by South Korean retail-to-airline group Aekyung submitted a formal bid for a controlling stake in Asiana Airlines Inc, the country’s No. 2 carrier, on Thursday, Aekyung said on Thursday.

The 31.05% stake, worth about 382 billion won ($329.15 million) at current prices, has been put up for sale by top shareholder Kumho Industrial Co Ltd, which has been under pressure from its creditors to reduce debt.

Aekyung also has a stake in the country’s largest budget carrier Jeju Air.

Kumho Industrial in April hired Credit Suisse to manage the sale of its stake in Asiana Airlines. ($1 = 1,160.5800 won) (Reporting by Heekyong Yang; Editing by Hyunjoo Jin and Muralikumar Anantharaman)

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