By Kim Yoo-chul
Staff Reporter
Credit Suisse Group (CS) and a consortium of the Korea Development Bank and Woori Investment & Securities were selected Monday as lead managers for the sale of a 36 percent stake in Hynix Semiconductor.
The Korea Exchange Bank (KEB) _ the main creditor of the world's second biggest dynamic random access memory (DRAM) chip manufacturer after Samsung Electronics said the lead managers will help Hynix' shareholders find the right buyer for the planned sale.
"We are planning to sign a contract with them within this month," a KEB official said.
Hynix has been suffering from losses due to a plunge in prices of DRAM chips stemming from the industry's rising inventories and declining demand for electronic gadgets amid the global economic downturn.
It plans to raise cash by selling its unprofitable 200mm wafer fabrication lines and company-owned property.
KEB and eight other creditors are seeking to sell their combined 36 percent stake in Hynix.
But the process may take time as few potential buyers have shown interest.