Sono Hospitality heralds proxy fight to control T’way Air

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Sono Hospitality heralds proxy fight to control T’way Air - Korea Economic Daily

Quick Summary:

AVIATION AS A NEW GROWTH ENGINE“We will maximize customers’ satisfaction with T’way Air and improve its shareholder value by leveraging Daemyung Sono Group’s extensive infrastructure at home and abroad,” the group’s Chairman Seo Jun-hyuk said on Wednesday.“Daemyung Sono Group will strive to leap to become a global player by taking advantage of its venture into the aviation industry, the group’s new growth driver.”Daemyung Sono Group is the former name of Sono Hospitality Group.

Sono International plans to send a shareholder proposal to T’way Air before the latter’s general shareholders meeting in March to recommend new directors who will come up with a new business strategy to improve the budget carrier’s operation and financial health.

Last year when Sono International acquired T’way Air's stakes from Seoul-based private equity firm JKL Partners, it said it would not seek to control the airline’s management.