Japan Airlines acquires stake in Hanjin KAL
In Tokyo, Japan, Japan Airlines (JAL) and Korean Air signed a memorandum to expand their partnership. At the same time, JAL said it had acquired shares in Hanjin KAL, the holding company that controls South Korean carrier Korean Air, Korea Herald reports.
JAL described the purchase as an independent investment decision based on Hanjin KAL’s long-term market value. The company did not disclose the size of the stake or the value of the deal. No regulatory disclosures on JAL holding a stake of 5% or more have been published.
Hanjin KAL ownership structure
The investment comes amid a narrow gap between the stakes held by Hanjin KAL’s largest shareholders. Hanjin Group Chairman Walter Cho and affiliated parties held 20.57% of the holding company’s shares, according to the latest semiannual report. Construction company Hoban Group increased its stake to 20.15% in July, narrowing the gap to 0.42 percentage points.
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Hoban Group has been Hanjin KAL’s second-largest shareholder since 2022. The company has not formally stated an intention to gain management control, but the increase in its stake has prompted speculation about a possible struggle for control of the holding company. Other major shareholders include Korea Development Bank, with a 10.58% stake, and South Korea’s National Pension Service, which owns 5.11% of the shares.
Expanding the partnership
After Korean Air’s merger with Asiana Airlines, planned for December, is completed, the airlines are expected to expand codeshare flights and cooperation on mileage accrual programs. The number of flights on Japanese routes is planned to increase from about 250 to 400 per week.
Korean Air and JAL have cooperated since the 1960s and launched formal codeshare services in 2004. The companies are also exploring the joint use of maintenance, ground handling and flight attendant training facilities, the possibility of joint cargo business, procurement, and investments in sustainable aviation fuel.
