Korean Air to sell inflight catering and duty-free business

Monday, 13 July 2020 00:32 - - {{hitsCtrl.values.hits}}

Korean Air has signed a memorandum of understanding with Hahn & Company, a private equity fund, for the sale of its inflight catering and duty-free business.

Hahn & Company had been granted an exclusive negotiation right at Korean Air’s board meeting on 7 July. Details of the sale have not been released. To overcome the prolonged crisis caused by the COVID-19 pandemic, Korean Air is in the process of selling its land in downtown Seoul and its shares in Wangsan Leisure Development Co. Ltd. The airline is also increasing capital by issuing new shares.