Hotel and resort company Daemyung Sonogroup has completed the acquisition of T’way Air and has formed a new board of directors. A new CEO for T’way Air is also to be appointed on the 27th.
T’way Air held an extraordinary shareholders' meeting on the 24th at its aviation training center in Gangseo District, Seoul, and passed the agenda to elect nine board members recommended by Daemyung Sonogroup, including Chairman Seo Jun-hyuk (other non-executive director). Three internal and external directors along with three other non-executive directors were appointed during the meeting.
T’way Air plans to hold a board meeting on the 27th, where a new CEO will be appointed from among the three internal directors. Strong candidates for the CEO position include Lee Sang-yoon, the head of the aviation business task force at Sono International, and Ahn Woo-jin, the head of sales and marketing at Sono International, as well as Seo Dong-bin, an executive responsible for the aviation business task force at Sono International. Executive Ahn Woo-jin is a relative of Chairman Seo Jun-hyuk.
In June of last year, the holding company Sono International of Daemyung Sonogroup began purchasing shares of T’way Air. Previously, in February, it signed a stock purchase agreement to acquire all shares of Tway Holdings, held by YeaRimDang and its owner family, totaling 52.34 million shares (46.26% stake) for 250 billion won, securing control over T’way Air.
On the 10th, approval was received from the Fair Trade Commission for the corporate merger involving Sono International, T’way Air, and Tway Holdings, the parent company of T’way Air. Daemyung Sonogroup plans to change its corporate name after completing key licensing processes, including the Ministry of Land, Infrastructure and Transport's review of major shareholder qualifications and the approval of changes to its air transport business license.