Korea Deposit Insurance Corporation KDIC has sold a stake in Hynix Semiconductor ahead of an expected sale by the Korean memory-chip maker's creditors in the second half of this year.
KDIC's holdings are entirely separate from the creditors' stake and also much smaller. The government investment vehicle last night sold its entire position, which amounted to no more than 0.75% of the company. By comparison, the creditors still hold 21.4%.
The 4.41 million shares were offered at a fixed price of W28,200, which allowed the seller to raise W124.4 billion $102 million. At less than one day's worth of trading volume, this block could probably just as easily been offloaded in the market,...
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