A 15% stake in Korean Hynix Semiconductor is expected to be sold before the end of the year according to a report by local YonHap News Agency.
South Korean mobile operator SK Telecom and shipping conglomerate STX Group are said to have started due…
A 15% stake in Korean Hynix Semiconductor is expected to be sold before the end of the year according to a report by local YonHap News Agency.
South Korean mobile operator SK Telecom and shipping conglomerate STX Group are said to have started due diligence on their bids to acquire the stake in the Korea-based chipmaker.
YonHap cited a spokesman for Korea Exchange Bank (KEB) saying that bids would be invited for the stake in mid-September and that the creditors plan to complete the sale by the end of the year.
KEB is among the creditors carrying out the due diligence process.
Due diligence is expected to take until early September to be completed. The news report suggested that the sale could fetch as much as KRW2,400bn (US$2.3bn).
Hynix published its Q2 results on 21 June.
These showed revenue of KRW2,758bn (US$2.6bn), a fall of 1% from the previous quarter, which the company said was due to the appreciation of the Korean Won.
Operating profit was KRW447bn (US$425.1m), up 38% from Q1.
