By Moneth G. Deposa
Variety News Staff

THE Kumho Asiana Group, which owns Asiana Airlines, acquired the Laolao Golf Course for an undisclosed amount last week.
According to Asiana Airlines general manager Kwang Joong Kim, the contract was signed on the evening of Feb. 28.
Laolao was owned by United Micronesia Development Corp.
UMDA chairman Russell Snow and Kumho’s chief executive officer Oh Nam Soo signed the purchase agreement.
Kim said he started the negotiation in July last year upon the encouragement of Gov. Benigno R. Fitial and Marianas Visitor Authority chairman Jerry Tan.
He said Kumho will “absorb” the over 100 employees of Laolao Golf Course.
“We will build 100 to 120 villas on the property which will mean $50 to $60 million in new investments here,” he said, adding that total estimate of the investment including the purchase is “over $100 million.”
Kim said other companies also wanted to buy Laolao.
“The reason why they sold it to us was because they were convinced that Kumho would be the best company to promote the CNMI and help revive the economy,” Kim said.
“We bought the property for the price they offered us,” he said, adding that renovations and construction of tea houses on the coast will soon commence.
“This will be a milestone and turning point for the CNMI…we will bring big international events and gatherings here where we can better promote the island,” he said.
Kumho has 80 sister companies all over the world.
In acquiring Laolao, Asiana Airlines hopes to increase its air-seat capacity.
“With this new investment, we are planning to increase our air-seat capacity,” Kim told Variety.