SEOUL- South Korean builder Hyundai Development Co <294870.KS> said on Friday its consortium has closed on its 2.5 trillion won (1.66 billion pounds) acquisition of a controlling stake in the country’s second-biggest carrier Asiana Airlines Inc <020560.KS>.
Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset <006800.KS> will pay for the acquisition, its portion was 2.01 trillion won.
The airline’s top shareholder, Kumho Industrial Co Ltd <002990.KS>, put its 31.05% stake up for sale earlier this year as it came under pressure from Asiana creditors to reduce debt at the loss-making carrier.
(Content and photos syndicated via Reuters)