T'way Airlines

 

[Alpha Biz= Kim Jisun] Daemyung Sono Group has reportedly sent a management improvement request to the current leadership of T’way Air, signaling the start of a dispute over management control of the airline.

According to industry sources on Monday, Daemyung Sono sent an official letter to T’way Air’s management, which included demands for the resignation of existing executives, including Vice Chairman Na Sung-hoon, and for capital to be raised through a rights offering.

Industry observers believe this move marks the beginning of Daemyung Sono accelerating its efforts to acquire T’way Air. Currently, T’way Holdings and Yerimdang are the largest shareholders of T’way Air, with a combined stake of 30.7%. Daemyung Sono holds a 26.77% stake, making it the second-largest shareholder. With only a 3-percentage-point gap in their shareholdings, the potential for a management control dispute has been anticipated.

 

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