Kumho Industrial’s sale of its 31% stake in Asiana Airlines appears to have been delayed.
Last month, Kumho awarded the Hyundai Development-Mirae Asset Daewoo consortium the exclusive right to negotiate until 12 December.
However, Maeil Business News Korea is reporting that the parties have agreed to postpone the initial schedule by two weeks to resolve last-minute differences.
One of the issues in play is provisions on contingent liability related to the financial impact of anti-trust investigations into Asiana’s change of in-flight meal supplier in 2018.
Last year, the airline ended a 15-year contract with LSG Sky Chefs, a Lufthansa subsidiary, in favour of a 30-year contract with Gate Gourmet Korea (GGK), a joint venture between Asiana and China’s HNA Group.
Kumho has not responded to Cirium’s request for comment on the apparent delay to the Asiana stake sale.
