Three South Korean budget airlines are reportedly still in the running to acquire the cargo unit of Asiana Airlines, according to sources familiar with the matter.
The airlines in contention are Asiana Airlines, Air Busan, and Jin Air. Asiana Airlines is a major South Korean carrier, while Air Busan and Jin Air are both budget airlines operating in the region.
The sale of Asiana Airlines' cargo unit is part of a broader restructuring effort by the carrier's parent company, Kumho Industrial Co., to improve its financial position. Asiana Airlines has been facing financial challenges, exacerbated by the global impact of the COVID-19 pandemic on the aviation industry.
The potential sale of the cargo unit has attracted interest from various parties looking to expand their presence in the air cargo market. Asiana Airlines' cargo unit is considered a valuable asset due to its established network and capabilities in transporting goods across the globe.
The decision on the sale of the cargo unit is expected to have significant implications for the future of Asiana Airlines and the South Korean aviation industry as a whole. The successful bidder will gain a competitive edge in the air cargo market, while Asiana Airlines will be able to focus on its core passenger operations.
As the process moves forward, stakeholders will be closely monitoring the developments to see which airline emerges as the final buyer of Asiana Airlines' cargo unit. The outcome of the sale will shape the competitive landscape of the air cargo industry in South Korea and beyond.
