Media reports indicate that three companies have submitted bids to buy Kumho Industrial's 31% stake in Asiana Airlines.
Citing unnamed industry sources, the Yonhap news agency says that conglomerate Aekyung, activity fund Korea Corporate Governance Improvement and a consortium led by brokerage firm Mirae Asset Daewoo are the three companies involved.
Aekyung is a major shareholder in budget carrier Jeju Air, while KCGI holds a 16% stake in Korean Air parent company Hanjin-KAL.
The reports indicate that other major conglomerates, such as SK, CJ and Hanwha, did not bid for the stake.
Credit Suisse is running the sale process on behalf of Kumho Industrial and has said that it expects the process to be completed by the end of the year.
Asiana and Credit Suisse did not respond to a request for comment on the progress of the sale when approached by Cirium.