Creditors sell 6.7 p.c of Hynix for $814 mn

Creditors sell 6.7 p.c of Hynix for $814 mn

According to reports, creditors sold 39.28 million shares of Hynix Semiconductor Hynix for 23,500 won (around $20.71) per share.

Wednesday, March 17, 2010

SAN FRANSICO: Creditors have sold 6.7 per cent of Hynix Semiconductor Incorporated for around $814 million. This was a part of a plan by the group led by Korea Exchange Bank (KEB) to unload 13 per cent of the company in 2010.

According to reports, creditors sold 39.28 million shares of Hynix Semiconductor Hynix for 23,500 won (around $20.71) per share.

Earlier in 2010, the creditors had said that they were re-thinking their strategy after they received no bids for the 28 per cent stake in Hynix Semiconductor, which they had been trying to sell.

Media reports quoted Hynix Semiconductor as having announced in February 2010 that it planned to sell about 8% of the company in the first half of 2010 and another 5% in the second half of 2010.

Apart from Korea Exchange Bank (KEB), the group of creditors includes CorpoaCorp, Korea Resolution and Collection Corporation, National Agricultural Cooperative Foundation, Shinhan Bank, Daewoo Securities Company, Woori Investment and Securities Company, Woori Bank, and Shinhan BNP Paribas Asset Management Company

©CIOL Bureau