SEOUL: South Korean retail giant Shinsegae Group said on Friday would not bid for a majority stake in Kumho Industrial Co Ltd, the parent of Asian Airlines Inc, without indentifying a reason for the change in plan.

On Thursday, Shinsegae Co Ltd said its parent has submitted a letter of intent to buy the stake in Kumho Industrial, which owns 30.1 percent of South Korea's second-biggest airline.

Around six parties including Seoul-based private equity firms MBK Partners and IMM have submitted letters of intent to buy the 57.5 percent stake in Kumho, sources told Reuters on Wednesday.

Copyright Reuters, 2015