Government entity sells $102 million worth of Hynix shares

KDIC offloads its entire stake in the memory-chip maker at a zero discount, just ahead of South Korea's World Cup encounter with Argentina.

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,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222