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Mirae Asset Daewoo to establish US holding company

Mirae Asset Daewoo Co. Ltd. will acquire Mirae Asset Securities Holdings (USA) Inc.'s entire stock of 1,000 outstanding shares to establish a U.S. holding company.

The company's board approved March 27 an in-kind capital contribution of 300.71 billion won based on the 52,000 shares of its wholly-owned Mirae Asset Securities USA Inc. unit.

The transaction has obtained regulatory clearing and is expected to take place by early April, Mirae Asset Daewoo said in a same-day filing.

Under the move, New York-based Mirae Asset Securities USA will become a wholly-owned unit of the U.S. holding entity.

As of March 27, US$1 was equivalent to 1,072.83 South Korean won.