Gobi Cashmere shares split
The Financial Regulatory Commission decided to go through with a 100 for 1 stock split for Gobi Cashmere joint stock company (JSC) before announcing new license holders at its latest regular meeting, held last Friday.
According to the decision, Gobi Cashmere’s 7,801,125 shares valued at 100 MNT have been divided by 100 to 780,112,500 of common stock outstanding, worth one MNT each. The share split is expected to improve liquidity of shares, increase the number of shareholders, raise the company’s market value, and thus, dilute the concentration of stocks.
The Financial Regulatory Commission instructed the Mongolian Stock Exchange and Mongolian Central Securities Depository to complete the split within 10 days.
Next, the commission issued a license in loan underwriting to Transport Development Bank, increasing the number of loan underwriters to 25 in Mongolia. Onolt Yazguur LLC was also licensed as an insurance broker, Shiidel Finance LLC as a non-bank lender (foreign currency lending included), and Chanartai Mungun Toig licensed as a savings and credit cooperative.
Meeting all criteria and financial requirements, Exclusive Change and Eco-development Mongolia non-banking financial institutions obtained licenses to engage in nonbank financial online transactions, remittance and foreign exchange services.
The commission then renewed Tus Brokers LLC’s insurance broker license and changed the registration of AA Appraisal LLC.
Fuji Holdings had its nonbanking financial institution license revoked under grounds for failing to follow related laws, regulations, norms and standards. For the same reason, Chandmani Anduudand Arvin Melmii lost their savings and credit cooperative licenses, while Iveelt-Inel, Royal Cashmere, Tanandeej Trade and Uvs Tavan Erdenyn Undarga had their license to operate as commercial broker at the Agricultural Commodities Exchange suspended.
In addition, Buyant Khadgalamj, Yalalt Investment, Mungu Undarga Naran, Ikh Naran Buteelch Zaluus and Uudlukh Credit companies can no longer operate as savings and credit cooperative, following new decisions by the Financial Regulatory Commission.