Daemyung Sono Group: Close to Acquiring the Controlling Stake in T'Way Air

• After the market close on 17 February, it was announced that the Daemyung Sono Group is close to acquiring the controlling stake in T'Way Air (091810 KS) from Yelimdang.

• As the negotiations between the two sides have come to a near agreement, Daemyung Sono is expected to be able to appoint nine directors at the next upcoming AGM.

• Typically in cases like this in Korea, the near term impact would be decline in share prices of T'Way Air and T'Way Holdings due to lack of an M&A play.