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Mirae Asset Daewoo shifts capital from London to Hong Kong

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Mirae Asset Daewoo shifts capital from London to Hong Kong

South Korea's Mirae Asset Daewoo Co. Ltd. said in regulatory filings on Jan. 17 that it will reduce capital at Mirae Asset Securities (UK) Ltd. and increase capital at Mirae Asset Securities (HK) Ltd.

The company described the transactions as a move to reduce exposure to uncertainty over the U.K.'s exit from the European Union and expand business operations based in Hong Kong.

According to the company's decision approved by its board on Jan. 17, 300,000,000 shares in its wholly owned U.K. unit will be cancelled sometime in April to free up US$300 million for investment elsewhere.

The number of outstanding shares at the U.K. unit will decline to 278,364,700 shares after the capital reduction.

Meanwhile, Mirae Asset Daewoo will invest HK$3.5 billion in its wholly owned Hong Kong unit by acquiring 3,500,000,000 new shares on an undetermined date to own 9,944,750,000 shares.