Merged Mirae Asset Daewoo to be launched on Dec. 29

The merged entity of Mirae Asset Daewoo Co. (formerly Daewoo Securities) and Mirae Asset Securities Co. will be launched on December 29.

According to the financial investment industry on Monday, the two companies held separate board meetings and decided to delay the merger date to December 29 from the previously set date of November 1.

Once the agenda is passed, the companies’ shareholders meetings for the approval of the merger would be pushed back to November 4 from October 20 and merger registration to December 30 from November 2.

Shareholders who oppose the merger can exercise the rights demanding the two companies to buy back their shares

The merged entity will be named Mirae Asset Daewoo and its shares are expected to be newly listed on the local stock market on January 20 next year. If the merger goes smoothly as planned, it would be the largest securities firm in Korea with equity capital of 6.7 trillion won ($6 billion).

The Financial Services Commission will deliberate on the merger plan on Wednesday. The Securities & Futures Commission approved the merger between the two companies on September 7.

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