HDC Hyundai Development Company (President Soon-ho Kwon) is smoothly promoting the business combination reporting and fundraising process for the acquisition of Asiana Airlines. 

 HDC Hyundai Development Company completed the issuance of approximately KRW 170 billion in privately placed bonds at the end of February and smoothly fastened the first button to raise funds for acquisitions. Even in the subscription for existing shareholders’ recapitalization held on March 5-6, the subscription rate of 105.47% was achieved and approximately KRW 320.7 billion of the acquisition fund was successfully prepared without a public subscription. The payment is due on March 13. HDC Hyundai Development Company plans to finalize the acquisition according to the scheduled procedure by raising the remaining funds through public issues worth of KRW 300 billion and financing with banks.

 The process of business combination reporting is also proceeding normally with the country concerned. Starting with the submission of a report on the business combination with Asiana Airlines to the Korea Fair Trade Commission at the end of January, business combination reporting has been processed in China, the United States, Russia, Turkey, and Kazakhstan. The reporting process is in line with the authorities' standards and processes and is expected to be completed according to normal procedures and schedules.

 An official of HDC Hyundai Development Company said, “There was a concern about the business combination reporting due to the issue of COVID-19, but it has been promoted normally and funding for acquisition is also in progress as originally planned.”