Hana Tour boosts global presence under IMM PE guidance
Aboex Travel and Tours President Karen S. Santos, left, and Hanatour CEO Song Mi-sun pose during a joint venture signing ceremony in the Philippines, Friday. Courtesy of Hanatour
Hanatour, Korea’s largest travel agency, is strengthening its global competitiveness under the leadership of its largest shareholder, IMM Private Equity (IMM PE), by establishing joint ventures and investment entities with major players in Southeast Asia, the company and industry officials said Tuesday.
After entering the Thai and Singaporean markets by establishing investment entities, Hanatour recently launched a new joint venture in the Philippines with Aboex Travel and Tours, a mid-sized local travel firm, to tap into the country’s corporate travel market.
According to the company’s announcement on Monday, the new joint venture will be structured with Aboex Travel overseeing corporate sales, while Hanatour provides operational expertise, systems and capital.
Over the medium to long term, Hanatour aims to position the Philippine outbound travel market as a strategic base for its global-bound expansion by linking it with Hanatour ITC, Hanatour Japan and its broader global network.
The two firms also plan to jointly explore new destinations and cooperate on charter flight operations to boost tourism flows between Korea and the Philippines. Hanatour previously helped expand demand in the market by pioneering new routes to the Philippines and leading charter flight services.
“The establishment of the new joint venture is a strategic move to advance the company’s global-bound business and drive expansion,” a Hanatour official said. “By leveraging the strengths of both partners, we expect the joint venture to serve as a springboard for our growth into a global travel platform.”
Hanatour has used its overseas entities to transfer its accumulated travel planning and operational capabilities to local partners. These entities have evolved into strategic hubs for executing the company’s global-bound ambitions, moving beyond simple sales channels and strengthening its capacity and growth potential abroad.
Amid the industry rebound and financial improvement, IMM PE recently appointed Citigroup Global Markets Securities as the lead adviser for Hanatour’s sale, accelerating the divestment process.
The move comes five years after IMM PE acquired a 16.67 percent stake in the travel agency for 128.9 billion won ($88 million) in 2020.
Industry officials say the push for a sale reflects Hanatour’s strengthened financial footing, noting that IMM PE has advanced the company’s turnaround through restructuring and organizational streamlining.
After reporting a 101.1 billion won operating loss in 2022, Hanatour returned to profit in 2023. Earnings in 2024 rose to 50.9 billion won, and analysts expect this year’s profit to exceed 57.3 billion won, supported by a recovery in fourth-quarter performance.
The travel sector is keeping a close watch on the sale, viewing it as a potential catalyst for a broader market shake-up.
“The divestment of a stake in the nation’s leading travel agency could reshape the industry,” one industry insider said. “The strategies pursued by the next major shareholder are likely to influence the direction of the travel market for years to come.”