Following Dismissal From The Board, Korean Air Chairman Cho Dies – Market News Store

Following Dismissal From The Board, Korean Air Chairman Cho Dies

Cho Yang-ho, Chairman and CEO, Korean Air, died of a critical illness this week, disclosed the airline. The firm raised hopes for a renewal of leadership just weeks following shareholders eliminated Yang-ho from the board in a victory for shareholder activism. Shares of the family-managed airline were found to be raised about 8%. Hanjin Kal, which is the holding firm for parent Hanjin Group, was as welled found jumped about 20% on the death news. This reflected hopes that South Korea’s largest carrier might be operated differently under the younger generation of the Cho family or the novel management, according to the analysts.

Um Kyung-a, Analyst, Shinyoung Securities, stated that a few shareholders were also purchasing on expectations of a future battle over the 70-year-old patriarch’s stake in the holding company. “Of course, his family will try to inherit his shares, but that can take time and money … So that opens a window for expectations about the takeover battle,” Um added.

On a similar note, Singapore and Malaysia came into the news as both the countries disclosed that they have come to an agreement to finish their months-long airspace clash. This news was disclosed by the transport ministers of both the neighboring countries in a joint statement last week. Under the latest agreement, Singapore is supposed to stop instrument landing system practices at its Seletar Airport. At the same time, Malaysia will launch a restricted region near the countries’ border.

Anthony Loke, Transport Minister, Malaysia, and Khaw Boon Wan, Transport Minister, Singapore said that Singapore is supposed to withdraw the Instrument Landing System practices for Seletar Airport. At the same time, Malaysia is supposed to shelve its permanent Restricted Area over Pasir Gudang. This will let Firefly, subsidiary of Malaysia Airlines, to begin operations at Seletar Airport this month, the statement added. Media reports proclaimed that last year the airline delayed its plans to fly out of Seletar Airport owing to the dispute.

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