Daemyung Sono Group, a South Korean resort and condominium operator, said Friday that its holding company, Sono International, will sell its entire 22 percent stake in Air Premia, dampening speculation that the group intended to merge the hybrid carrier with its other budget airline, T’way Air.
The stake, split at 11 percent each between Sono International and private equity firm JC Partners through a joint venture, will be sold to local tire retailer Tire Bank at 1,900 won per share by the end of September. The deal is valued at around 120 billion won ($84 million).
According to Sono International, the sale represents a broader effort to streamline its aviation portfolio, underscoring the group’s pivot toward T’way Air — where it recently secured management control.
In February, Sono International agreed to acquire 46.26 percent stake in T’way Holdings — which owns 28.02 percent of T’way Air — for 250 billion won, raising its effective stake in the airline from 26.77 percent to 54.79 percent.
“We remain committed to building a stable and systematic management framework for T’way Air to support long-term, sustainable growth in a rapidly evolving aviation landscape,” a group official said.
While Air Premia had initially appealed to the group as the only budget carrier offering long-haul routes to the Americas, T’way Air is also preparing to enter the North American market, with a new route to Vancouver, British Columbia, set to launch in July.
T’way Air currently operates flights across Korea, Asia and select European destinations, including Paris and Rome.
Meanwhile, Tire Bank expressed confidence in Air Premia’s long-term vision, noting it has backed the carrier since 2018 through sustained capital investment. The deal will increase its stake from 48 percent to more than 70 percent, solidifying its status as the airline’s largest shareholder.
minmin@heraldcorp.com
