Mirae Asset Daewoo Co. is planning a 700 billion won ($642.2 million) rights offering early next year, a move that would make it the first brokerage house in Korea to hold over 8 trillion won of equity capital.
The firm said on Sunday it will issue 130,842,000 preferred shares worth 700 billion won as part of plans to beef up its investment banking operation. Its capital stood at 7.33 trillion won as of late September.
“The new share issue guarantees minimum dividends, which means shareholders would receive a stable stream of dividend payouts,” said an official from Mirae Asset Daewoo. “We plan to boost our capital to pursue more merger and acquisition deals overseas and seek out more solid investment assets at home and abroad.”
Mirae Asset Daewoo said it aims to raise its capital to 10 trillion won by 2020 and is considering additional measures to sell its shares to business partners.
By Shin Heon-cheol and Kim Hyo-jin
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