Kumho Asiana boss no longer looking to buy Kumho Tire share

At a press conference in Seoul today, Kumho Asiana Group Chairman Park Sam-koo stated he has no intention to acquire the share in Kumho Tire currently controlled by the Korea Development Bank and other creditors. Although originally interested in purchasing the 42.01 per cent stake, Park has relinquished his first right of refusal.

The press conference followed the finalisation on Monday of Kumho Asiana Group’s holding company Kumho Holdings merger with transportation service provider Kumho Buslines, a move that will add liquidity to the holding company. The merger, which is expected to give Park Sam-koo more control over the group, fuelled speculation that Kumho Asiana Group may attempt to reacquire its former tyre business.

Park stated that Kumho Asiana Group would instead focus on its transport, terminal, construction and airline units.