Park is also said to be pushing to buy back Kumho Tire, another Kumho affiliate that is crucial for him to reclaim control of the group. He is expected to create a 1 trillion won consortium when the creditors put the company’s 42 percent stake up for sale in September.
Kumho Industrial, Kumho Tire and Asiana Airlines represent the three major legs of Kumho Asiana Group.
In September last year, Kumho Terminal sold its 100 percent stake in Kumho Buslines, the nation’s largest express bus operator, to Consus Asset Management in a 390 billion won (US$340 million) deal. The deal included a call option that allows the firm to buy back the entire stake later.
|Kumho Asiana Group chairman Park Sam-koo|
The Kumho chairman is hoping to reacquire the entire stake for about 400 billion won with aims to complete related talks by the third quarter this year, according to news reports.
The buyback plans are a part of Park’s long-awaited dream to regain control over the family-run conglomerate that has been struggling with liquidity problems since 2009 amid the group’s excessive business expansion.
By Lee Ji-yoon (firstname.lastname@example.org)