UPDATE 1-S.Korean retail giants considering Hi-Mart bid

* Korean retail groups eye $890 mln Hi-Mart stake

* Hi-Mart shares up 7 pct, Shinsegae lost 3.1 pct

By Ju-min Park

SEOUL, Feb 1 (Reuters) - South Korean retail groups Shinsegae Co Ltd, GS Retail and Lotte Group are considering bidding for a controlling stake worth about $890 million in electronics retailer Hi-Mart Co Ltd .

A day before the first round of bidding, Shinsegae and GS Retail confirmed their possible separate bids via regulatory filings, but did not elaborate.

An official at Lotte Group, parent of Lotte Shopping Co Ltd, said the company was considering its own takeover bid for the country's largest electronics retailer after receiving an invitation.

Letters of intent for a combined 57.6 percent stake in Hi-Mart worth about 1 trillion won ($890.19 million) are due on Thursday.

The top three shareholders of Himart, including Eugene Corp , have appointed Citigroup Inc to advise on the sale.

Hi-mart shares, which debuted on the main KOSPI market in June last year, ended up 7 percent compared with the broader market's 0.2 percent gain.

Meanwhile, Shinsegae dropped 3.1 percent.

Hi-Mart, which has 301 branches nationwide, recorded a 209 billion won operating profit for the third quarter, according to a recent regulatory filing.