At least three bidders have submitted non-binding offers for Kumho Industrial's stakes in Asiana Airlines as well as its low-cost subsidiaries Air Busan and Air Seoul ahead of a September 3 deadline.

Citing sources familiar with developments, the Korea Economic Daily newspaper said consumer products manufacturer Aekyung Group, Mirae Asset Daewoo (which has enlisted Hyundai Development Company (HDC) as a strategic partner), and the Korea Corporate Governance Improvement (KCGI) activist fund had all put forward bids. However, large Korean conglomerates such as SK, Lotte, Hanwha, GS, Shinsegae and CJ did not participate, the sources confirmed.

The six contenders' bid values were not disclosed, nor were those of the three other bidders.

Kumho Industrial's is selling off its entire 31.05% stake in Asiana alongside the two LCC interests given the mainline carrier's financial difficulties.

The overall value of the proposed deal has been put at around KRW1.5 trillion won (USD1.236 billion), including a management rights premium and the 31% stake's market value which has been estimated at KRW378 billion (USD311 million).

Kumho Industrial expects to complete the stake sale, which is being managed by Credit Suisse, by the end of this year.