Asiana Airlines has announced a strategic financial reinforcement of its subsidiaries Air Seoul and Air Busan. The South Korean flag carrier will participate in a US$127 million paid-in capital increase for Air Seoul through a shareholder allocation. This transaction will provide Asiana with an additional 36 million common shares, raising its total investment in the airline to approximately $170 million. The move strengthens Asiana’s…
Hanjin Group Chairman Cho Won-tae has officially stated that Air Busan (South Korea) will not be sold as a separate entity, reinforcing the group’s commitment to maintaining its aviation portfolio. Amid speculation about potential restructuring or divestment, Cho’s remarks affirm that Air Busan will remain under Hanjin Group’s control, ensuring stability for the airline.
Air Busan has reported that one of its A321 aircraft, serial 3297, sustained substantial damage following an onboard fire while preparing for departure at Busan-Gimhae International Airport. Fortunately, all passengers and crew safely evacuated without injuries.
Air Busan and Air Seoul, two prominent South Korean carriers, have announced key leadership changes with the appointment of new CEOs. Jeong Byeong-seop has been named CEO of Air Busan, while Kim Jung-ho takes on the role of CEO at Air Seoul. These appointments mark significant transitions for both airlines as they navigate an evolving aviation landscape.
Korean Air has announced its decision to proceed with the merger of its three low-cost carriers (LCCs): Jin Air, Air Seoul, and Air Busan. The move comes despite resistance from some Busan-based shareholders, who have voiced concerns about the impact on the local aviation sector and competition.
Air Busan (South Korea) is set to hold a temporary shareholders’ meeting this week, during which it plans to appoint three new directors. These include two inside directors and one non-executive director, all of whom are affiliated with the airline’s parent company, Korean Air.
Jin Air (South Korea) is set to absorb Air Seoul and Air Busan, as the merger of their respective parent companies moves closer to completion. Jin Air, the largest subsidiary of Korean Air, will become a more dominant player in the domestic aviation market through this consolidation.
Air Busan, a South Korean airline, has released its 3Q 2024 financial results, reporting an 8.6% increase in sales, which reached $178 million. However, the airline saw a decline in operating profit, down 13.3% to $26.6 million for the quarter. The mixed results indicate strong revenue growth but also highlight challenges in maintaining profitability amid fluctuating operating costs and market pressures.
Civic groups in Busan, South Korea, have called for the government to take steps to secure Air Busan’s future as a separate entity, independent of Asiana Airlines.
