Hyundai Glovis Invests 150 Billion KRW to Acquire Asiana Cargo

Hyundai Glovis has decided to invest 150 billion KRW in acquiring Asiana Airlines' cargo business.

On the 13th, Hyundai Glovis announced that it will contribute 150 billion KRW to the major shareholder fund of Air Incheon, 'Socius No. 5 PEF.'

With an initial investment of 50 billion KRW, Hyundai Glovis secured a 34.9% stake in the fund. Socius No. 5 PEF controls Air Incheon through Socius Aviation (Socius PE), a special purpose company (SPC) and the largest shareholder of Air Incheon.

Subsequently, once the new share subscription agreement transaction between Korean Air and Asiana Airlines is completed, and the cargo business division is separated and merged with Air Incheon, Hyundai Glovis will pay the remaining second investment of 100 billion KRW.

Earlier, in June, Korean Air selected Air Incheon as the candidate to acquire Asiana Airlines' cargo business division.