Kumho Petrochemical Selected as Preferred Negotiation Partner for Kumho Resort

The headquarters of Kumho Asiana in Jongno-gu, Seoul, where the acquisition plan of Asiana Airlines by Hanjin Group was discussed at the Ministerial Meeting on Strengthening Industrial Competitiveness on the 16th. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Yu Je-hoon] Kumho Petrochemical has been selected as the preferred negotiation partner for Kumho Resort. Asiana Airlines announced on the 20th that it has selected Kumho Petrochemical as the preferred negotiation partner for the sale of its subsidiary Kumho Resort.

Kumho Resort is a subsidiary jointly owned by Kumho T&I (48.8%), Asiana IDT (26.6%), Asiana Airport (14.6%), and Asiana Sabre (10.0%), all under Asiana Airlines. It holds assets including four condos such as Hwasun Resort, three water parks, and the Asiana Country Club.

Asiana Airlines, which has been struggling with management difficulties, decided last November to sell Kumho Resort to secure liquidity and improve its financial structure. NH Investment & Securities and Deloitte Anjin were appointed as the sales agents. It is known that in the main bidding held the day before, not only Kumho Petrochemical but also Fine Asset Management, VI Financial Investment, Dongyang Construction Industry, and Kansas Asset Management submitted bids.

Asiana Airlines stated, "We plan to proceed with discussions on the main contract terms with the selected preferred negotiation partner," and added, "If specific details regarding the sale of Kumho Resort are finalized, we will make a further announcement."