This photo provided by T’way Air Co. shows a company aircraft. (Image courtesy of Yonhap)
SEOUL, June 24 (Korea Bizwire) — Daemyung Sono Group virtually completed its acquisition of T’way Air Co. on Tuesday by holding an extraordinary shareholders’ meeting and appointing a new board of directors for the low-cost carrier.
T’way Air held the extraordinary shareholders’ meeting at its aviation training center in Seoul and approved the appointment of nine new board directors, including internal and outside members, recommended by Daemyung Sono Group, a leading condominium and resort company in South Korea.
The airline’s new chief executive officer (CEO) is expected to be appointed Friday. With current CEO Chung Hong-geun stepping down after a decade at the helm, industry observers expect that the successor will be chosen from among the newly appointed internal directors.
In February, Daemyung Sono acquired management control of T’way Air after purchasing shares from Yearim Co., the airline’s largest shareholder, for 250 billion won (US$174.39 million). The deal was approved by the Fair Trade Commission earlier this month.
(Yonhap)
