[Alpha Biz= Kim Jisun] Seoul, September 30 – The determination of Kim Jung-kyu, founder of Tire Bank and now chairman of Air Premia, has paid off as he successfully completed the final payment for the airline’s acquisition. Kim pledged to grow Air Premia into “a high-quality airline that represents the pride of Korea.”
According to industry sources on the 30th, Tire Bank paid KRW 99.4 billion in final settlement to JC Partners, securing the remaining funds required for the deal after having already paid a KRW 20 billion deposit.
Previously, Tire Bank and JC Partners signed an agreement for the sale of 62,856,278 shares of Air Premia held by JC Partners’ special purpose company (SPC) at KRW 1,900 per share. The latest payment covers shares formerly held by Daemyung Sono, representing half of Sono International’s 16.9% stake and approximately 80% of JC Partners’ 3.1% allied stake, amounting to an 11% stake in Air Premia valued at KRW 53.7 billion.
Earlier, JC Partners sold a 21.4% stake in Air Premia to AP Holdings — a family-owned company in which Chairman Kim owns 20% and his three children hold the remaining 80% — for KRW 56.6 billion (KRW 900 per share). In March 2024, JC Partners sold an additional 13.3% stake for KRW 62.4 billion (KRW 1,600 per share). Following these transactions, AP Holdings now holds approximately 43.7% of Air Premia’s shares.
Chairman Kim commented:
“The aviation industry thrives on economies of scale. We will continue to strengthen competitiveness through the acquisition of additional aircraft and potential mergers and acquisitions.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
