Creditors sell stake in Hyundai Engineering

SEOUL, May 8 (Yonhap) -- Creditors of Hyundai Engineering & Construction Co. have
sold an 11.1 percent stake in the country's third-largest builder for 780 billion
won (US$622 million), Korea Exchange Bank (KEB) said Friday.

The nine creditors, led by KEB, sold 12.4 million shares for 63,050 won a share,
3 percent less than the builder's closing price on Thursday, through a block deal
as the lock-up period of their stakes in the builder ends, the bank said.
By creditor, KEB earned 256.2 billion won in proceeds from the stake sale,
followed by Woori Bank with 219.1 billion won, Kookmin Bank with 104.6 billion
won and Shinhan Bank with 84.3 billion won.
The stake sale lowered creditors' combined stakes in the builder to 38.5 percent
from 49.6 percent.
Creditors agreed to reduce their combined stakes to 35 percent from 49.6 percent
in the builder, financial sources said on Thursday.
"The stake sale will help creditors sell the builder and improve their capital
adequacy ratios," KEB said.
Hyundai Engineering ended its debt workout program in June 2006, five years after
it started in March 2001.
ksnam@yna.co.kr
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