Business News
Creditors plan sale of Hyundai Engineering & Construction stake
Sep 24, 2010, 12:22 GMT
Seoul - Hyundai Engineering & Construction Co's creditor banks said Friday they wanted to sell their holding in South Korea's largest builder, a news report said.
The creditors hold a 34.88-per-cent stake in the company, the Yonhap News agency reported.
The banks, including Korea Exchange Bank, acquired the shares in a debt-for-equity swap nine years ago when the company was facing insolvency.
It is thought the sale could fetch 3 to 4 trillion won (2.58 to 3.46 billion dollars), the report said.
The plan is to choose a preferred bidder and complete the sale by year end.
The banks have been trying to sell the stake for four years but the global financial crisis in 2008 frustrated their efforts.
Favourites in the race to are Hyundai Group, its former owner, and Hyundai-Kia Automotive Group, formerly part of the Hyundai Group.
Bidders have until November 12 to submit their documents.
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