Creditors eye concluding sale of Hyundai Corp. by mid-Dec.

(ATTN: UPDATES with more details and closing share price at last 3 paras)
SEOUL, Nov. 30 (Yonhap) -- Korea Exchange Bank (KEB), a main creditor of Hyundai
Corp., said Monday it will seek to complete the sale of the South Korean trading
company by no later than mid-December.

Hyundai Heavy Industries Co., the world's biggest shipbuilder, was picked as the
preferred bidder for Hyundai Corp. in late September.
"Creditors will decide on whether to approve the sale plan by Friday and if
approved, we plan to cap the clinching of the final deal (with Hyundai Heavy
Industries) no later than mid-December," KEB said in a statement.
Since last year, the creditors of Hyundai Corp. have been seeking to sell the
trading company, which was bailed out in 2004 through a debt-for-equity swap.
Market watchers estimated that the purchase price to buy 50 percent plus one
share of Hyundai Corp. may be set at 235 billion won (US$202.4 million).
Shares of the trading company closed at 19,400 won on the main bourse, down 0.77
percent from Friday's close. Shares of Hyundai Heavy Industries ended at 150,500
won, up 1.35 percent from the previous session.
Hyundai Corp. is participating in oil and gas projects in countries such as
Vietnam and Qatar, and has a Chinese shipbuilding venture.
Hyundai Heavy, Hyundai Motor Co. and Hyundai Corp. were part of Hyundai Group
before the conglomerate started breaking up in 1999.
sooyeon@yna.co.kr
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