Korean Air announced on Tuesday that its Duty Free and Inflight Catering businesses will be sold. To this end, the private equity fund “Hahn & Company” was granted exclusive negotiating rights.

After the board meeting, Korean Air signed a Memorandum of Understanding (MOU) with Hahn & Company to continue negotiations and later to discuss details of further steps such as due diligence.

In order to overcome the ongoing crisis caused by the COVID-19 pandemic, Korean Air is also currently selling property in downtown Seoul and its stake in Wangsan Leisure Development Co. Ltd. In addition, the airline is increasing its capital by issuing new shares until the end of July 2020.