SOUTH Korea, Seoul-headquartered hyundai Glovis has confirmed it will invest in a consortium led by Air Incheon as part of plans to acquire Asiana Airlines' cargo business.
Earlier this month, Hyundai Glovis said it was considering investing in an acquisition consortium set up by Air Incheon after the airline was named as the preferred bidder for Asiana Airlines' cargo business in June.
Hyundai Glovis said on August 13 that it would invest KRW150 billion (approximately US$110 million) to acquire a 34.9 per cent stake in 'Socious No. 5 Private Equity Investment Company' (PEF), the fund that will invest in the Air Incheon consortium, said Maeil Business Newspaper.
Inhwa Industrial will be the largest investor.
Following the announcement, Hyundai Glovis said: 'This investment will strengthen the competitiveness of the aviation logistics business.'
Any investment into Asiana by Hyundai Glovis would help the company further diversify into air cargo, adding to its global logistics and ocean shipping services. The company said on its website that it currently has an air export/import volume of 64,468 tonnes.
SeaNews Turkey
Earlier this month, Hyundai Glovis said it was considering investing in an acquisition consortium set up by Air Incheon after the airline was named as the preferred bidder for Asiana Airlines' cargo business in June.
Hyundai Glovis said on August 13 that it would invest KRW150 billion (approximately US$110 million) to acquire a 34.9 per cent stake in 'Socious No. 5 Private Equity Investment Company' (PEF), the fund that will invest in the Air Incheon consortium, said Maeil Business Newspaper.
Inhwa Industrial will be the largest investor.
Following the announcement, Hyundai Glovis said: 'This investment will strengthen the competitiveness of the aviation logistics business.'
Any investment into Asiana by Hyundai Glovis would help the company further diversify into air cargo, adding to its global logistics and ocean shipping services. The company said on its website that it currently has an air export/import volume of 64,468 tonnes.
SeaNews Turkey
