Hynix seals deal with Victus Capital

Hynix seals deal with Victus Capital

SEOUL: Hynix Semiconductor Inc. said late on Friday it had completed the sale of its stake in Hyundai Imagequest Co. Ltd. to Victus Capital Korea.

After the sale, Hynix no longer holds a stake in Imagequest, Hynix said in a filing with South Korea's Financial Supervisory Service.

Hynix had signed an agreement on April 22 with Victus Capital to sell its 47.3 percent stake, or 40.6 million common shares, in Imagequest, which makes liquid crystal displays, for 36 billion won (US$34.16 million).

Victus Capital is a New York-based hedge fund.

The sale is part of an effort by Hynix, the world's second- largest memory-chip maker, to shed non-core assets so it can raise cash to remain competitive.-- Dow Jones