Korean Air, Wangsan Leisure Development Sale Agreement Falls Through

[Asia Economy Reporter Dongwoo Lee] The sale agreement between Korean Air and the Kansas Asset Management consortium for Wangsang Leisure Development has fallen through.

Korean Air announced on the 5th, "On June 30, we selected the Kansas Asset Management consortium as the preferred negotiation partner and proceeded with sale negotiations, but since we could not reach an agreement on the final contract, we have notified the termination of their preferred negotiation status."

Wangsang Leisure Development, which operates the Wangsang Marina leisure facility on Yeongjong Island, Incheon, is a subsidiary wholly owned by Korean Air.

Previously, in November last year, Korean Air signed a memorandum of understanding with Kansas Asset Management and Mirae Asset Daewoo for the sale of Wangsang Leisure Development, but in April this year, it terminated their status as the preferred negotiation partner. Afterwards, Kansas Asset Management was again selected as the preferred negotiator and negotiations proceeded, but these also ended in failure.

Korean Air stated, "We plan to continue pursuing the sale of Wangsang Leisure Development's shares and will re-announce when specific details are decided in the future."