Seoul: Daemyung Sono Group, a prominent condominium and resort enterprise in South Korea, has announced its intent to acquire management control of the low-cost carrier T'way Air Co. in a bid to enhance the airline's operations and financial stability. The group, through its holding entity Sono International, is actively engaging with T'way Air, seeking management improvements and requesting access to the shareholder register.

According to Yonhap News Agency, Daemyung Sono Group holds a 26.77 percent stake in T'way Air, making it the second-largest shareholder. On Monday, the group submitted a formal request for the airline to revamp its management team and proposed a capital increase via a rights offering. Sono International criticized T'way Air for insufficient investment in maintenance and workforce, alongside poor compliance with aviation safety standards.

The group pointed out T'way Air's low operational reliability, frequent corrective measures, and fines levied by the Ministry of Land, Infrastructure and Transport, all of which have negatively affected the airline's reputation. To address these issues, Sono International plans to present a shareholder proposal at the upcoming annual general shareholders' meeting in March, aiming to nominate new directors and form a new board to establish a stable operational strategy.

Daemyung Sono Group's strategy includes enhancing T'way Air's financial structure and overall management. The group regards its demands as proactive steps to foster the airline's growth and boost shareholder value. "We aim to maximize customer satisfaction for T'way Air and enhance shareholder value by leveraging Daemyung Sono Group's extensive domestic and international infrastructure to launch diverse products and strengthen customer services," stated Seo Jun-hyuk, the group's chairman.

Additionally, Daemyung Sono Group is exploring the potential acquisition of another low-cost carrier, Air Premia, following its purchase of an 11 percent stake in the airline from JC Partners in November. A Sono International official mentioned the possibility of merging the two airlines, should they secure management rights, which could result in a new carrier capable of operating a broad spectrum of routes, including domestic, short-to-medium Asian routes, and long-haul routes to Europe and the Americas.