South Korea's Korea Exchange Bank (KEB), a main creditor of Hyundai Corp., plans to complete the sale of the company by no later than mid-December, the bank said Monday.

According to the KEB, it has picked Hyundai Heavy Industries Co., the world's biggest shipbuilder, as the preferred bidder, and will later decide on whether to approve the sale plan, which calls for closing the final deal by no later than mid-December.

Hyundai Corp., which faced bailout in 2004 through a debt-for-equity swap, has been on sale since last year.

The purchase price of Hyundai Corp.'s 50-percent-plus-one share is estimated to be around 235 billion won, or US$202.4 million, according to local analysts.

(Xinhua News Agency November 30, 2009)