Four low-cost carriers submitted their preliminary bids to acquire the cargo division of full-fledged carrier Asiana Airlines Inc., according to industry sources Wednesday. According to the sources, financial services firm UBS, tasked with selling Asiana Airlines' cargo division, concluded the preliminary bidding process of the deal earlier in the day. The bidders were said to be Jeju Air Co., Eastar Jet Co., Air Premia Inc. and cargo-focused Air Incheon. Asiana Airlines plans to sell its cargo division as part of conditions recently set by the European Union over Korean Air's envisioned merger with Asiana due to competition concerns. The company's cargo business unit is known to generate revenue of over 1 trillion won (US$749.4 million) annually. The cargo division deal is widely expected to be concluded at under 700 billion won. Many of Asiana Airlines' cargo aircraft are known to be over 30 years old, leading to observations that the acquiring company will need to invest significantly in large-scale maintenance costs. Among the bidders, Jeju Air, a subsidiary of the Aekyung Group, is widely seen as being the most advanced in terms of financial strength and other conditions. KDB, the main creditor of Asiana Airlines, plans to soon shortlist suitable acquisition candidates and conduct due diligence. The preferred buyer is expected to be decided within the year. Source: Yonhap News Agency