Hyundai GLOVIS announced on the 16th that it will invest a total of 200.6 billion won in 'Socius Korea Investment No. 1 Corporate Financial Stability Private Equity Investment Partnership,' the main investor fund for Air Incheon, which is acquiring the cargo division of Asiana Airlines.
This investment amount of 200.6 billion won adds 50.6 billion won to the previously announced 150 billion won, making Hyundai GLOVIS the largest investor by increasing its equity stake from 34.9% to 45.2%. As a result, Hyundai GLOVIS secured a right of first refusal upon the sale of the combined cargo airline.
Socius plans to wrap up the acquisition of the cargo division of Air Incheon through approximately 350 billion won in fund capital and 300 billion won in acquisition financing. Of this funding, 470 billion won will be invested in Air Incheon through a paid-in capital increase, while the remainder will be used for aircraft procurement and infrastructure development after the merger.
In the aviation industry, the possibility of Hyundai GLOVIS incorporating Air Incheon as a subsidiary in the long term is being raised. Hyundai GLOVIS stated that it will decide on the acquisition of Air Incheon by considering the aviation logistics industry situation and Air Incheon's competitiveness.