South Korea's top resort operator Sono Hospitality Group has decided to sell its entire stake in low-cost carrier (LCC) Air Premia Inc.at a profit of about 20% to focus on another budget airline it is set to acquire.Sono International Co., the group’s holding company, said on Friday that it is slated to unload a 22% stake in Air Premia, which it holds with Seoul-based private equity house JC Partners Co., the airline’s No.2 shareholder, to the largest stockholder Tirebank Co.at an estimated 122.7 billion won ($88.1 million), or 1,900 won per share.
Minority shareholders filed a lawsuit alleging that the deal may have involved illegal practices such as breach of trust and unfair trade.“Sono is already tired of dealing with the government approval and minority shareholders in its takeover of T’way,” said an investment banking industry source.“The group may have decided it is unreasonable to acquire Air Premia on top of that.”TIREBANKTirebank, which already has a 46% stake in Air Premia, is set to further consolidate its position as the largest shareholder of the LCC by purchasing shares from Sono.
The deal is expected to allow Sono to reap a profit of some 20 billion won as the resort operator bought an 11% stake in Air Premia for 1,600 won per share from JC Partners last October, investment banking industry sources said.
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