Kumho Asiana Group To Offload Stake in Asiana
escalating competition and increased operating costs cited as factors in sale of Asiana shares

Heavy debt and mounting pressure from creditors has prompted Kumho Asiana Group (KAG) to sell its controlling stake of 33.47 percent in Asiana Airlines, South Korea’s second largest carrier. According to an official of KAG Lee Keun-dong in Seoul, escalating competition on the domestic front and on international routes, and increased operating costs were other factors cited.