The acquisition of T’way Air by Daemyung Sonogroup has been postponed again to next month. T’way Air announced on the 20th that it would delay the extraordinary general meeting, originally scheduled for 2 p.m. on the 23rd of this month, to 10 a.m. on June 24th.
The postponement of this extraordinary general meeting is a decision made due to the delay in the merger examination by the Fair Trade Commission, which has caused disruptions in the acquisition process of T’way Air by Daemyung Sonogroup.
Earlier, Daemyung Sonogroup signed a contract to acquire 46.26% equity of Tway Holdings for 250 billion won in February. Following this, it was planned to complete the board composition and acquisition process through the regular general meeting of T’way Air on March 31. However, as the Fair Trade Commission's approval for the merger has been delayed, it was decided on the 23rd to convene the extraordinary general meeting to proceed with the relevant procedures.
T’way Air plans to hold an extraordinary general meeting as soon as the merger approval result is released, proposing the appointment of Daemyung Sonogroup Chairman Seo Jun-hyuk and other personnel from Daemyung Sonogroup as executive officers. Chairman Seo will be appointed as a non-executive director, and three individuals: Lee Sang-yoon, Ahn Woo-jin, and Seo Dong-bin, will participate as internal directors, while Lee Kwang-su and Lee Byeong-cheon will participate as other non-executive directors. Additionally, three outside directors, including Kim Jong-deuk, Yeom Yong-pyo, and Kim Ha-yeon, will be appointed to form the audit committee.
Daemyung Sonogroup has recently sold its equity in Air Premia in order to focus on the business operations and medium- to long-term growth strategy of T’way Air.