Daemyung Sono Hospitality Group will sell its entire 22% stake in Air Premia to Tire Bank for 120 billion won to streamline its aviation portfolio around budget carrier T'way Air (KRX:091810), Pulse News reported Friday.
Sono International, the holding arm of Daemyung Sono Hospitality Group, signed a deal to offload 62.8 million shares of Air Premia at 1,900 won apiece, the report said.
The deal is expected to close by Sept. 30, with a call option to acquire the remaining 11% stake exercised after June to close the deal. The move follows Sono's acquisition of T'way Air and plans to launch long-haul routes, including one to Vancouver in July, it said.
Sono International in February agreed to acquire a 26.77% stake in T'way Air from its top shareholder, publishing firm Yearim, for 250 billion won, pending antitrust approval, according to a Yonhap News report on Friday.
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