Daemyungsono Group acquired a 46.26% equity stake in Tway Holdings for 250 billion won.
Daemyungsono Group noted on the 26th that it signed a share purchase agreement (SPA) with YeaRimDang and three others to acquire a 46.26% equity stake in Tway Holdings, which holds a 28.02% (60.35 million shares) stake in T’way Air. Under this contract, Daemyungsono Group secured additional equity and management rights in T’way Air. This means that by adding Tway Holdings' 28.02% equity stake to its existing 26.77% (57.66 million shares), it will hold 54.79% (118.01 million shares) in total.
The payment will be made entirely in cash, with the balance to be settled by March 31 and the shares delivered afterward.
Daemyungsono Group presented a future vision for enhancing aviation safety and maintenance capabilities, expanding professional personnel, increasing revenue, and creating synergies between the leisure and aviation industries.
Daemyungsono Group said it will prioritize aviation safety as the top value in corporate management, strengthening investments in strict operational procedures and compliance with international safety standards, as well as in aircraft maintenance and inspection systems. Additionally, "T’way Air will strive to elevate the capabilities of pilots, crew, and maintenance personnel, as well as customer service, to the highest industry standards, given that it offers medium- to long-haul routes to Europe and beyond," they added.
Daemyungsono Group plans to change T’way Air's mission and establish the identity of "SONO" to provide differentiated services from existing airlines.
Chairman Seo Joon-hyuk of Daemyungsono Group said, "The aviation industry must prioritize safety above all else, and I promise that we will become a safer and more trustworthy airline." He added, "We will advance as a global airline that satisfies stable management and all customers and employees."