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Hynix nixes stake sell story
Pleases investors
Mon 14 May 2001 //
13:18 UTC
Memory chipmaker Hynix Semiconductor has denied it's in talks to sell 19.2 percent of the company to US investment fund Newbridge Capital.
Bloomberg reports that though the company is looking to sell a stake in its business, owned by affiliate companies to Hyundai, its not had chats with Newbridge.
Hynix, which has to pay off three-quarters of its 5.7 trillion won ($4.4 billion) debt this year, is trying to sever its ties with Hyundai.
Shares in the Hynix rose 15 per cent after it denied the talks with Newbridge. ®
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