Fly Gangwon Signs MOU with Private Equity Fund JK Withus... Secures 100 Billion KRW Investment

Fly Gangwon is accelerating its business normalization after receiving an investment worth 100 billion KRW.

On the 27th, Fly Gangwon announced that it had signed a memorandum of understanding (MOU) for a 100 billion KRW investment with JK Withus, a private equity (PE) fund management company.

The investment will be made through the issuance of new shares, and if the investment is finalized, the largest shareholder of Fly Gangwon is expected to change. Currently, the largest shareholders of Fly Gangwon are CEO Juwon Seok and related parties including Ayum, holding 44.2% of the shares. Fly Gangwon expects to sign the new share subscription agreement (common stock) by mid-May as planned.

Fly Gangwon plans to focus on expanding its workforce and introducing aircraft using the liquidity secured through JK Withus's investment, while also pursuing route expansion to China and expanding its air cargo transportation business.

A Fly Gangwon official said, "This investment attraction will provide momentum for business normalization and profit generation," adding, "We will do our best to achieve a turnaround to profitability together with the new investor." He also added, "We will strengthen our fundamentals to overcome management difficulties and grow further as the representative airline of Gangwon Province."