Kumho Resort bid draws multiple bidders including Kumho Petrochemical

[Photo provided by Asiana CC]

The race for a full stake in Kumho Resort Co., a sub-subsidiary of cash-strapped Asiana Airlines Inc., has drawn multiple contenders, raising expectations for the successful sale that could fetch about 500 billion won ($454.2 million) for liquidity-short Kumho Group.

According to industry sources on Tuesday, five contenders including Kumho Petrochemical, VI Investment, Fine Investment, Dongyang Engineering & Construction and Consus Asset Management submitted bids for Kumho Resort’s full stake that is placed up for sale by Kumho Asiana Group and the creditors.

The resort operator currently is 26.6 percent held by Asiana IDT, 14.6 percent by Asiana Airport, 10 percent by Asiana Sabre, and 48.8 percent by Kumho T&I. Asiana IDT is a subsidiary of Asiana Airlines.

The seller and sale advisors NH Investment & Securities and Deloitte Anjin LLC plan to pick a preferred bidder and finalize a stock purchase agreement within the month.

Kumho Resort owns membership-based 36-hole golf club Asiana CC located in Yongin, Gyeonggi Province, and four condominiums including Tongyeong Marina Resort in South Gyeongsang Province and Weihaipoint Hotel & Resort in Weihai, Shandong Province of China.

Of them, the valuation of Asiana CC alone is estimated at about 300 billion won amid rising demand for golf tours during the virus pandemic.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]