Air Busan (BX, Busan) will proceed with plans to go public in March next year airline executive director, Choi Pan-ho, has disclosed. Funds generated from the IPO will be used to expand the LCC's network and fleet, he said.
At a meeting held last week, the airline's largest shareholders which include Asiana Airlines (OZ, Seoul Incheon), Kumho Asiana Group, the Busan City Administration and Busan Bank, gave the IPO their greenlight.
"Although we have yet to decide on the timing, method and underwriter, we plan to IPO around March next year after gaining approval from our shareholders on June 30," he told the Chosun Ilbo.
Following five successive years of profits, the carrier is now South Korea's second largest low-cost carrier after rival Jeju Air (7C, Jeju) operating five A321-200s, one A320-200, four B737-400s, and two B737-500s on flights to 17 destinations located throughout South Korea, the Philippines, China, Japan, Hong Kong, Macau, Taiwan, and Cambodia.
