* Sale advertisement due around Dec. 20
* Letters of intent to be received by end-Jan.
* KEB dismisses block sale of Hynix stake
(Adds details from statement, Hynix CEO forecast)
SEOUL, Nov 25 Major shareholders of Hynix
Semiconductor Inc (000660.KS) will put a controlling stake in the
chipmaker up for sale in an auction next month, valued at close
to $3 billion.
The sale will take place after the sole bidder for the
world's No. 2 memory chipmaker, Hyosung (004800.KS), pulled out
of the process earlier this month
A committee of nine creditors-turned-shareholders, including
Shinhan Bank and Woori Bank, have unanimously agreed to restart
the sale in a public auction, Korea Exchange Bank (KEB)
004940.KS, Hynix's largest shareholder, said on Wednesday.
"It is not the time to discuss a block sale," KEB said in a
The comments may dampen speculation that a 28 percent stake
in Hynix on offer would inevitably be sold in block trade in the
absence of strategic bidders. [ID:nSEO330885]
The lead shareholders will advertise the sale to domestic
companies around Dec. 20 and receive letters of intent by the end
of January, according to KEB's statement.
Separately, Hynix CEO Kim Jong-kap forecast at an industry
event the chipmaker would report stronger earnings in the current
quarter from the third, and chip prices would fare better in the
first quarter of 2010 than previous years. [ID:nSEO355130]
Last month, Hynix, which trails sector leader Samsung
Electronics Co Ltd (005930.KS), reported its first net profit in
eight quarters and predicted a brighter outlook as strong demand
and rising prices boost the chip sector's recovery.
Shinhan is a unit of Shinhan Financial Group (055550.KS) and
Woori belongs to Woori Finance Holdings 053000.KS.
(Reporting by Kim Yeon-hee; Editing by Jonathan Hopfner)
((email@example.com; +82 2 3704 5646; Reuters
((If you have a query or comment on this story, send an email