Boosted by the rising momentum, the construction firm’s stocks shot up during daytime trading, closing at 71,200 won on the Seoul bourse, up 3.19 percent from Monday. Analysts said they expected the rally to continue.
On Friday, Korea Exchange Bank, along with eight other financial institutions, issued an announcement of its intention to sell a 34.88 percent stake in the construction firm.
The bidders must submit letters of intent by Oct.1. The creditors hope to select a preferred bidder by the end of December.
The pending sale of Hyundai E&C would tie up some of the last remaining loose ends at Hyundai, which underwent a wide scope of restructuring and spin-offs starting in the 1990s amid the Asian financial crisis.
Hyundai Group and its former sister company Hyundai Motor Co. will now be neck and neck in the race to get back the construction arm.
Both firms have already expressed their intention to submit a bid by the deadline set by the creditors.
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