Kumho Industrial invests W50b in Asiana Airlines

[THE INVESTOR] Kumho Industrial announced on Oct. 12 that it will invest 50 billion won (US$44.37 million) in its affiliate Asiana Airlines to strengthen control.

The parent company of Kumho Asiana Group will participate in the airline’s capital increase and will acquire 10 million newly issued shares at 5,000 won apiece. The due date is Nov. 7. After the acquisition, its stake will increase to 33.49 percent from 30.08 percent.

Asiana Airlines, the country’s second largest full service carrier, announced on Sept. 9 that it will raise capital worth 166.2 billion won to finance operations.

By Hwang You-mee (glamazon@heraldcorp.com)