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Mirae Asset Daewoo to reorganize US ops

South Korea's Mirae Asset Daewoo Co. Ltd. will establish Mirae Asset Securities Holdings (USA) Inc. as its new U.S. holding company with control over New York-based Mirae Asset Securities (USA) Inc.

The entire stock of Mirae Asset Securities (USA) of 52,000 outstanding shares, with a book value of 300.7 billion won, will be liquidated, according to Feb. 26 filings. The proceeds will be booked as capital for Mirae Asset Securities Holdings (USA) to make the new entity a wholly owned unit of Mirae Asset Daewoo.

Under the transaction, Mirae Asset Securities (USA) will become a subsidiary of Mirae Asset Securities Holdings (USA).

The effective date of this transaction will be determined after regulatory approval.

Mirae Asset Securities (USA) registered a net loss of 22.8 billion won from securities brokerage and primary brokerage operations in 2017, more than double from a net loss of 10.9 billion won posted in 2016.

As of Feb. 26, US$1 was equivalent to 1,070.84 South Korean won.