Jeju Air Co., Ltd. announced a private placement of 3,647,274 common shares at an issue price of KRW 11,080 per share for the gross proceeds of KRW 40,411,795,920 on September 25, 2023. The transaction will include participation from returning investor AK Holdings, Inc. and new investor Aekyung Asset Management Co., Ltd. for 1,823,637 shares each. The transaction has been approved by the shareholders of the company.

The transaction is expected to close on November 28, 2023. Before acquisition, AK Holdings, Inc. holds 38,794,886 shares for 50.39% stake and Aekyung Asset Management Co., Ltd. holds 773,912 shares for 1.01% stake. After acquisition, AK Holdings, Inc. will hold 40,618,523 shares for 50.37% stake and Aekyung Asset Management Co., Ltd. will hold 2,597,549 shares for 3.22% stake.

The shares are restricted to a hold period of 1 year.