Tavan Tolgoi’s stocks to be traded on SEHK and NYSE

During its weekly meeting, Cabinet discussed several issues regarding social and mining sectors.

At the beginning of the meeting, Minister of Mining and Heavy Industry D.Sumiyabazar reported on the ongoing processes of the government’s proposal to launch the IPO of Erdenes Tavan Tolgoi (ETT) by offering 30 percent of the company on foreign stock exchanges.

During the meeting, the minister presented Cabinet with a proposal to determine borders of 16 strategically important mineral deposits across the country, which was supported by Cabinet ministers.

According to D.Sumiyabazar’s report, Hong Kong and New York stock exchanges were selected to launch the Tavan Tolgoi IPO on, and Cabinet ministers supported a proposal to launch the IPO on the two stock exchanges.

A task force in charge of the government’s proposal conducted an extensive survey for launching the IPO and studying many other issues regarding the company’s management.

D.Sumiyabazar emphasized that the task force believes that the Stock Exchange of Hong Kong (SEHK) as it is one of Asia’s largest stock exchanges and presents huge opportunities for Mongolia, and as the New York Stock Exchange (NYSE) is one of the world’s largest stock exchange, they will give Mongolia opportunities to succeed in this project.

The minister added, “We hope to continue its active efforts by holding a number of productive meetings with highly responsible representatives from the stock exchanges, investment banks, and other investors who are interested in cooperating with Mongolia in this project.”

After consolidating all studies conducted by the task force, the government will submit a final proposal to Parliament for review.