January 22, Seoul Leading South Korean resort and condominium developer Daemyung Sono Group said on Wednesday that it is looking to take over management of low-cost carrier (LCC) T’way Air in order to strengthen the airline’s operations and financial standing.

According to Yonhap news agency, Sono International, the holding company of Daemyung Sono Group, has increased its involvement in T’way Air, calling for management changes and access to the shareholder registry.

The business, which has a 26.77 percent interest in T’way Air and is its second-largest stakeholder, demanded on Monday that the LCC restructure its management team and raise funds via a rights sale.

Sono International criticized T’way Air in its demand for not investing enough in staff and maintenance and for not adhering to aviation safety regulations.

Additionally, it emphasized the airline’s poor operational dependability, high rate of corrective action, and Ministry of Land, Infrastructure, and Transport penalties, all of which it said damaged the airline’s reputation.

At T’way Air’s next annual general shareholders’ meeting in March, Sono International intends to forward a shareholder motion to name new directors.

In order to improve general management, strengthen financial structure, and create a solid operational strategy, the firm plans to appoint a new board of directors.

Sono International made it clear that its requests and suggestions are proactive steps meant to support T’way Air’s expansion and raise shareholder value.

“We aim to maximise 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,” Seo Jun-hyuk, chairman of Daemyung Son

After purchasing an 11% interest in the airline owned by JC Partners in November, the firm is also considering the prospect of acquiring another LCC, Air Premia.

A representative of Sono International said, “If we are able to secure the management rights of T’way Air and Air Premia, we are reviewing the merging of the two airlines.”

If the merger goes through, the source noted, a new airline will be able to run a variety of routes, from long-haul flights in Europe and the Americas to domestic and short-to-medium routes in Asia.