January 17, 2019 / 9:06 AM / 6 months ago

Mirae Asset Daewoo announces cut in paid up capital in UK unit due to Brexit uncertainty

SEOUL, Jan 17 (Reuters) - South Korea’s Mirae Asset Daewoo Co Ltd said on Thursday it plans to reduce its paid up capital by 336 billion won ($299.36 million) in its British unit in April, citing intensifying uncertainties in the European market such as Brexit.

The company said in its regulatory filing the purpose of shrinking the balance sheet is to preemptively cope with changes in the global economy and to effectively manage its capital.

It will also buy new shares worth 500 billion won to be issued by its Hong Kong unit, the company added. ($1 = 1,122.3800 won) (Reporting by Joori Roh)

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