Mirae Asset picked as preferred bidder for Daewoo Securities

SEOUL: State-run Korea Development Bank (KDB) said it has chosen brokerage Mirae Asset Securities Co Ltd and its affiliate as the preferred bidder for a controlling stake in its unit, Daewoo Securities.

KDB did not specify the bidding price for Daewoo Securities, South Korea’s secondlargest brokerage, and Mirae executives declined to comment.

Yonhap news agency, however, cited unnamed industry and regulatory sources as saying Mirae had placed a binding bid of around 2.4 trillion won (RM8.8 billion) for a 43% stake in Daewoo Securities and 100% of a smaller asset management company.

Shares in Mirae Asset rose about 3.9% in midday, while Daewoo Securities shares rose 2% compared to a 0.1% rise in the wider market.

Korea Development Bank, Daewoo’s controlling shareholder, said in a statement that the sale is part of the state-run bank’s drive since 2013 to offload stakes in other companies.