Seoul, Korea, January 23, 2002
hynix Semiconductor Inc. (www.hynix.com), announced today that it had reached an agreement to sell its shares in Hyundai SysComm Inc. to 3R Inc., a specialized digital media solution provider.
The total sales amount is 59 billion won, which includes 20 billion won for hynix’s 40 million shares in Hyundai SysComm and 39 billion won for certain facilities and sales rights. hynix will receive an initial payment of 20 billion by the end of January. 3R will pay the remaining 39 billion won to hynix in January and July.
With the completion of the Hyundai SysComm sale, hynix has raised approximately 1.5 trillion in asset sales since the beginning of 2001. The Company will continue to improve its financial structure through the sale of its non-core and redundant assets. Hyundai SysComm, spun-off from hynix in July 2001, specializes in CDMA mobile communication equipment manufacture.
Hyundai SysComm focuses on leading 2.5 and 3 generation technology in telecommunication system equipment and expects to generate 180 billion won in revenue this year.
