Seoul, Korea, January 22, 2002
hynix Semiconductor Inc. (hynix, www.hynix.com), announced today that it had sold an affiliate office building to the Catholic Educational Foundation for 44 billion won.
The 14-story building is located in Seocho in southern Seoul. hynix has already received 8.8 billion won, 20 percent of sale amount, as a deposit. The Company is to receive another 30 percent of the proceeds by next month and the remaining payment in April. With the completion of the Seocho building sale, hynix has raised 1.4 trillion in asset sales since last year.
The Company will continue to improve its financial structure through the sale of its non-core and redundant assets. The Catholic Educational Foundation is a leading educational and medical foundation in Korea, running Catholic University, Dongsung middle and high school, Catholic Medical Center and St. Paul Hospital.
