[Alpha Biz= Kim Jisun] Daemyung Sono Group has established a task force (TF) to secure management rights of T’way Air, accelerating its preparations for the acquisition.
As the merger of Korean Air and Asiana Airlines is set to result in the launch of a mega low-cost carrier (LCC) combining Jin Air, Air Busan, and Air Seoul, the entry of Daemyung Sono Group—the leading company in Korea's resort industry—into the aviation sector is expected to significantly disrupt the domestic market landscape.
The company announced on the 14th that it had launched the "Aviation Business TF" earlier this month to explore synergies in the aviation sector. The TF is reportedly focused on acquiring management control of T’way Air. Currently, the gap between T’way Air’s largest shareholder, T’way Holdings and Yerimdang (30.07%), and second-largest shareholder, Daemyung Sono Group (26.77%), is only about 3 percentage points.
With the TF now operational, industry experts speculate that Daemyung Sono Group may attempt to nominate new executives and secure board representation at T’way Air’s regular shareholders’ meeting in March. Notably, the terms of four of T’way Air's seven registered directors, including CEO Jeong Hong-geun, are set to expire in March.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
