Kumho Asiana Group, the parent of South Korea's No. 2 air carrier, said Tuesday it has completed a payment of 723 billion won ($618.16 million) to buy a controlling stake in Kumho Industrial Co.

The move came years after Kumho Industrial, the group's construction unit and de facto holding firm, has been under the control of its creditors through a debt-for-equity swap after the logistics-focused conglomerate faced a liquidity crisis in 2009.

Under the move, Kumho Asiana Group bought 50 percent stake in the firm, along with a share to keep the dominant management power.

Kumho Industrial holds a 30.08 percent stake in Asiana Airlines Inc., which again holds shares in various Kumho affiliates.

Park Sam-koo, chairman of the Kumho Asiana Group, said it will make efforts to focus on airlines and construction businesses to beef up the group's sustainability and profitability.

Kumho Asiana Group started as a taxi operator in 1946, but gradually expanded scope to cover the bus and tire businesses. It eventually grew to operate Asiana Airlines, becoming one of the major South Korean conglomerates.

Industry watchers said the next task for the group will be winning back Kumho Tire Co., where creditors hold a 42.1 percent stake. (Yonhap)