Hyundai Cement bought by consortium led by Hanil for $553 mln

SEOUL-- A consortium led by Hanil Cement Co. has bought a controlling stake in Hyundai Cement for 622.1 billion won (US$553.1 million), the state-run creditor bank said Tuesday.

Korea Development Bank (KDB) said creditors completed the sale of 14.17 million shares, or an 84.56-percent stake, in Hyundai Cement to the Hanil-led consortium.

Hyundai Cement, which has been under a debt workout program since 2010, posted operating profits over the past five years.

By acquiring Hyundai Cement, Hanil's market share will rise to 25 percent from the current 12 percent, according to Lee Kyung-ja, an analyst at Korea Investment and Securities.

Creditors are scheduled to end the debt workout program for Hyundai Cement by the end of next month.

Source: Yonhap News Agency

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