Five potential bidders joined the race to buy a controlling stake in Dongbu HiTek Co., a tech unit of cash-strapped local conglomerate Dongbu Group, industry sources said Sunday.

The five prospective buyers are three private equity funds, local funds Hahn & Company and Askveritas and U.S. fund Bain Capital, and two foreign chip makers, China’s Semiconductor Manufacturing International Corp. and India’s HSMC, they said.

Dongbu HiTek plans to sell its 37 percent stake that is expected to fetch up to 200 billion won ($196.5 million).

The three PEFs joined the bidding as financial investors, while the two chip makers submitted their bids for the stake as strategic investors to acquire the managerial rights for Dongbu HiTek, the sources said.

The potential buyers are slated to visit the local firm’s production line on Monday after studying its books. (Yonhap)