Asiana is selling shares in CJ Logistics to institutions

Industry

Asiana is selling shares in CJ Logistics to institutions

Asiana Airlines is in the process of selling 66 billion won worth of CJ Logistics stocks to institutional investors, market sources said Monday.

After the market closed Monday, the country’s second-biggest airline by sales entered into talks with major institutional investors to sell the entirety of its 1.75 percent stake, or 400,000 shares, an investment bank insider said over the phone.

KB Securities and NH Investment & Securities are lead managers in the block deal.

If the deal is completed as planned, Asiana Airlines will be able to secure much needed fresh funds, he said.

In March, the company sold 93.47 billion won worth of CJ Logistics stocks in after-market trading as part of its efforts to improve its financial status through the sale of non-core assets, the carrier said.

Yonhap