Asiana Transfers Cargo Business to Air Incheon... Final Steps of Corporate Merger

Asiana Airlines announced on the 25th that it held an extraordinary general meeting of shareholders at its headquarters in Gangseo-gu and approved the agenda for the spin-off and merger contract of the cargo aircraft business with Air Incheon as originally proposed.

Earlier, Asiana Airlines signed a spin-off and merger contract for the cargo aircraft business with Air Incheon on January 16. The sale price is 470 billion KRW.

This agenda was carried out in line with the completion of the new share acquisition transaction as a condition for approval of the corporate merger by the European Commission and the Japan Fair Trade Commission.

The European Commission conditionally approved the corporate merger in February last year, requiring the transfer of Korean Air's European passenger routes (Paris, Rome, Frankfurt, Barcelona) and the sale of Asiana Airlines' cargo aircraft business.

Accordingly, Korean Air transferred the European passenger routes to T'way Air, and Asiana Airlines decided to sell its cargo aircraft business to Air Incheon.

Asiana Airlines plans to complete the physical and personnel transfer of the cargo aircraft business division to Air Incheon by June 10. The transfer includes a total of 11 cargo aircraft?10 Boeing 747 freighters and 1 Boeing 767 freighter?and 800 employees.