Creditors of Hynix Semiconductor Inc. have raised KRW 923.2 billion (US$813.6 million) by selling a 6.67 percent stake through a block trade, Korea Exchange Bank (KEB) said today.
Korea’s Yonhap News Reports -
KEB, the main creditor of the chipmaker, said the creditors unloaded 39.28 million shares for KRW 23,500 per share to local and foreign investors at its closing share price on Monday.
“The trade will reduce the burden of taking over Hynix in the future,” KEB said in an e-mailed statement.
“We expect that the merger and acquisition process to find a new owner of Hynix will be successful.”
The creditors, seeking to recoup US$4.6 billion spent on bailing out Hynix in 2001, said last month that it will sell an 8 percent stake in the company by the end of June. Another stake of up to 5 percent will be sold in the market before the end of the year.
Three previous attempts to sell part of the creditors’ combined 28.1 percent stake in the chipmaker fell through as they drew no domestic buyers.
The creditors, which bailed out credit-squeezed Hynix by swapping the company’s debts for stocks, now own a combined 21.4 percent stake in the company after the block sales. The largest stake is held by KEB, followed by Woori Bank, Korea Finance and Shinhan Bank.
Thanks to a rise in memory chip prices, Hynix posted a second straight quarter of net profit in the fourth quarter of 2009 after seven consecutive quarterly losses.
For previous posts on the Hynix sale, see here.
(Source: Yonhap News)
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