Korean Air Lines sells in-flight meal & concession, won’t likely need state relief
Korean Air Lines has hoarded $1.8b after it sold off in-flight meal and concession business for nearly 1t won ($842m) on the heels of rights offering worth 1.13t won, securing itself safely against the protracted virus pandemic crisis that has more or less grounded passenger flight operation for most of the year. The full-service carrier announced Tuesday it signed a deal with Hahn & Co. to sell off its in-flight meal and concession business for 990.6b won. Hahn & Co. plans to set up a new entity for the operation, and Korean Air Lines will acquire a 20% stake in the new company to secure stable supply of its in-flight meals and concession goods. The two parties aim to complete the deal in the next two to three months. With the latest divesture, Korea’s No. 1 full-service carrier would add 2.1t won to its coffers. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-08-27/sky/korean-air-lines-sells-in-flight-meal-concession-won2019t-likely-need-state-relief
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Korean Air Lines sells in-flight meal & concession, won’t likely need state relief
Korean Air Lines has hoarded $1.8b after it sold off in-flight meal and concession business for nearly 1t won ($842m) on the heels of rights offering worth 1.13t won, securing itself safely against the protracted virus pandemic crisis that has more or less grounded passenger flight operation for most of the year. The full-service carrier announced Tuesday it signed a deal with Hahn & Co. to sell off its in-flight meal and concession business for 990.6b won. Hahn & Co. plans to set up a new entity for the operation, and Korean Air Lines will acquire a 20% stake in the new company to secure stable supply of its in-flight meals and concession goods. The two parties aim to complete the deal in the next two to three months. With the latest divesture, Korea’s No. 1 full-service carrier would add 2.1t won to its coffers. <br/>
