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Technology Stocks : Micron Only Forum

MU 241.14

-6.7%

Dec 12 9:30 AM EST

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To: DJBEINO who wrote (43796)	3/15/1999 8:30:00 AM
From: FJB	of 53903

March 15, 1999 Korea Hyundai Elec Sells Unit To U.S. Invest Group For $550M Dow Jones Newswires SEOUL -- South Korea's Hyundai Electronics Industry Co. (Q.HEL) said Monday it signed an agreement to sell 90% of its U.S. unit, ChipPAC, for $550 million to a U.S. investment consortium led by Bain Capital Inc. (X.BCI) and Citicorp Venture Capital Ltd. ChipPAC, which was spun off from Hyundai Electronics in July last year, is a semiconductor-assembly company based in California with plants in South Korea and China. Hyundai Electronics said it will retain a 10% stake in ChipPAC "as a symbolic move to maintain our business relationship with the U.S. semiconductor assembler." Hyundai Electronics, a unit of South Korea's largest conglomerate Hyundai Group, is one of the world's leading semiconductor companies. Shares of Hyundai Electronics closed Monday up 700 won ($1=KRW1,231) at KRW23,600 on volume of some 2.24 million shares. -By Park Kyung-hee; 822-732-2165; khpark@ap.org

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