Nonlisted share audit raises brokerage values
A recent reassessment of share values for nonlisted firms has taken five local brokerages one step closer to being competitive in the global market, according to the Korea Securities Dealers Association yesterday.The association said in a release that the fair value of shares from five major nonlisted firms held by local brokerages grew 846.2 percent, or a combined 1.8 trillion won ($1.9 billion), to 2.0 trillion won.
“The reassessment of shares of nonlisted firms is the equivalent of a capital increase, which is indispensable for brokerage companies to develop into global investment banks,” said Park Byung-joo, the association’s executive.
The nonlisted firms are all state-funded and securities-related. They include Korea Exchange, Korea Securities Finance Corporation, Korea Securities Depository, Korea Money Brokerage Corporation and Koscom, the IT infrastructure provider. Among the five, the value of Korea Exchange shares increased the most after the reassessment, the association said. They rose from 101.2 billion won to 1.8 trillion won, or 1,664.0 percent.
Among the brokerages owning the firms, Woori Investment and Securities saw the biggest capital increase by 119.4 billion won, followed by Daewoo Securities at 93.5 billion won, Daishin Securities at 88.3 billion won, Goodmorning Shinhan Securities at 83.1 billion won and Korea Investment and Securities at 82.1 billion won.
By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]
with the Korea JoongAng Daily
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