Air Premia said on the 28th it will proceed with a rights offering worth 110 billion won. The aim is to shore up its financial structure and lay a foundation for growth amid heightened uncertainty in business conditions due to factors such as a strong dollar and oil price volatility.
According to Air Premia, the rights offering will be conducted through a shareholder priority allocation to existing shareholders. The company will issue 550 million new common shares to raise about 110 billion won. The record date for the new share allocation is Aug. 19, the subscription date is Sept. 18, and the payment date is Sept. 29.
The offering is being pursued in line with the financial restructuring plan submitted to the Ministry of Land, Infrastructure and Transport. Air Premia plans to use the proceeds to improve its financial structure and strengthen its business foundation.
Based on this capital increase, Air Premia plans to establish a stable management foundation, including launching new routes. In the second half, it is also preparing to launch new routes in Asia.
Park Gwang-eun, head of management at Air Premia, said, "This rights offering is a process to improve our financial structure and establish a foundation for sustainable growth," adding, "We will steadily enhance our business competitiveness to meet the trust of customers and the market."