Hyundai Dev wins bid for Asiana stake, to inject over $1.7b | The Daily Star
12:00 AM, November 13, 2019 / LAST MODIFIED: 12:07 AM, November 13, 2019

Hyundai Dev wins bid for Asiana stake, to inject over $1.7b

South Korean builder Hyundai Development Co said on Tuesday its consortium has been picked as the preferred bidder for a controlling stake in Asiana Airlines and would inject over $1.7 billion into the debt-ridden carrier.

The deal would draw a line under a tumultuous period for the country’s No.2 carrier which is saddled with 9.6 trillion won ($8.3 billion) debt, as it battles rising competition from budget airlines and falling tourism traffic

to Japan.

Following the announcement, shares in Asiana finished up 13 percent at their highest level since May, valuing the group at around $1.2 billion. Its budget carrier affiliate Air Busan jumped by 30 percent and logistics unit Asiana IDT rose 3.9 percent.

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