Mirae Asset Daewoo Co., South Korea's biggest brokerage, announced on Feb. 27 that it has increased its equity capital to 8 trillion won (US$7.46 billion) by issuing new preference stocks.
With the latest paid-in capital increase, the company has become the first securities firm securing 8 trillion won (US$7.46 billion) of its equity capital.
Mirae Asset Daewoo offered for 140 million shares for subscription and investors subscribed for 125.58 million shares, recording 90 percent of the rate of subscription.
Accordingly, Mirae Asset Daewoo completed the paid-in capital increase worth 700 billion won (US$652.99 million).
The preference stocks for public subscription are investment assets that are guaranteed 2.7 percent of a minimum dividend rate and 2.4 percent after 2019 and can seek supplementary dividends and marginal profits from a rise in stock prices.
The new stocks for public subscription will be listed as Mirae Asset Daewoo 2 Woo on March 14.