Asiana Airlines (OZ, Seoul Incheon) has announced it will sell off two non-core assets as part of its ongoing restructuring programme.

In a filing with the Korean bourse, the carrier said its board had agreed to sell off a 50% stake in Vietnamese construction firm Kumho Asiana Plaza Saigon for KRW122.35 billion (USD106.82 million) and its entire 100% shareholding in Kumho Terminal Co., Ltd., a Gwangju-based bus terminal operator, for KRW270 billion (USD235 million). In total, the sales are expected to raise KRW392.35 billion (USD341.82 million).

In January, Asiana unveiled a two-year cost cutting plan aimed at reducing the carrier's overheads by KRW160 billion (KRW136.5 million) in annual costs. Aside from asset disposal, the airline is also looking to reduce its main workforce through voluntary redundancies, branch consolidation and through the outsourcing of certain non-core functions. Various non-performing routes have also been cut.

Savings achieved, Asiana expects to exit its restructuring plan a more nimble, lean corporation capable of competing with South Korean, and Asian, LCCs.