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Panorama view of Asiana Airlines headquarters. (Photo = Asiana Airlines) |
[Alpha Biz= Reporter Kim Jisun] Hyundai Glovis has announced that it will invest 150 billion KRW in the "Socius No. 5 Private Equity Fund (PEF)," the major shareholder fund of Air Incheon, which is set to acquire Asiana Airlines' cargo business.
This investment will make Hyundai Glovis the second-largest contributor to the fund, following Inhwa Precision, the largest investor in Air Incheon.
Hyundai Glovis plans to initially secure shares worth 50 billion KRW in the fund, with an additional 100 billion KRW investment planned later.
Regarding the decision to acquire the shares, Hyundai Glovis stated, "We are participating as a limited partner in an institution-only PEF under the Capital Markets Act. This investment aims to strengthen our competitiveness in the air logistics business."
Socius No. 5 PEF, through its special purpose company (SPC) Socius Aviation (Socius PE), is the largest shareholder of Air Incheon.
After the initial share acquisition, Hyundai Glovis will hold a 34.9% stake in the Socius No. 5 PEF, with the share acquisition scheduled for August 19th.
Earlier in June, Korean Air selected Air Incheon as the candidate to acquire Asiana Airlines' cargo business unit.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
