Kumho Asiana picks KT-MBK as prime bidder for Kumho Rent-a-car

By Nam Kwang-sik
SEOUL, Nov. 30 (Yonhap) -- South Korea's troubled Kumho Asiana Group said Monday
that it has selected a KT-MBK consortium as the preferred bidder for its car
rental unit, Kumho Rent-a-car Co.

Kumho Asiana said that it plans to finalize the deal with the consortium to sell
the stake in the car rental unit, which is wholly owned by Korea Express Co., the
group's logistics unit, by January 2010.
The consortium consists of KT Corp., South Korea's largest broadband Internet
operator, and local private equity fund MBK Partners Ltd., Kumho Asiana said.
On Nov. 20, Kumho Asiana closed the final bids for Kumho Rent-a-car from five
potential buyers, it said.
Kumho Rent-a-car dominates the domestic car rental market with a 20.2 percent
share.
Korea Express bought the country's largest car rental company for 307.3 billion
won (US$265 million) in December 2008. Kumho Asiana Group purchased Korea Express
for 4.1 trillion won in March 2008.
ksnam@yna.co.kr
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