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T'way Airlines |
[Alpha Biz= Reporter Kim Jisun] As of the 2nd, the gap between the largest shareholder of T'way Air, Yerimdang, and the second-largest shareholder, Daemyung Sono Group, has narrowed to around 2.9%. According to a disclosure from T'way Air, on the 1st, Daemyung Sono Group's subsidiaries, Daemyung Sono Season and Sono International, acquired the remaining 11.87% stake (approximately 25.57 million shares) in T'way Air from JKL Partners, a private equity fund.
Back in June, Daemyung Sono Group had already secured 32.09 million common shares (14.9%) of T'way Air through Sono International from JKL Partners. With this latest acquisition, Daemyung Sono Group now holds a total of 26.8% of T'way Air's shares, closely trailing the 29.74% held by Yerimdang and its related parties.
T'way Air, which has been considered a major beneficiary of the recent business combination review due to the potential transfer of four European routes (Paris, Barcelona, Rome, Frankfurt) from Korean Air, is now exposed to the possibility of a change in its largest shareholder.
Despite the looming threat to its management control, T'way Air has remained silent for several months. Earlier in February, Yerimdang also showed reluctance to expand its stake by opting not to exercise its call option on the convertible preferred shares held by JKL Partners.
Meanwhile, Jeju Air, another competitor that has been on edge due to the ongoing merger of the three LCCs (Jin Air, Air Seoul, and Air Busan) under Korean Air and Asiana Airlines, has recently shifted its stance as well.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
