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1.5 million USD have been raised so far from sales of ETT shares to national enterprises at 0.70usd per share, 60% of the population have applied to sell ETT shares to government at 0.70 USD per share

According to official website of Government of Mongolia on June 20,2012 (http://open-government.mn/read-1475-.html) “Cabinet meeting has resolved establish additional agreement with banks that are distributing share and bounty from Human Development Fund and transfer payments to citizens who have decided to sell Erdenes Tavantolgoi shares to Government.”

  • “As of May 29,2012 1 532 853 citizens have applied to sell the shares to Government, majority in cash”.
  • “As of June 20, 2012 1096 enterprises have applied to National General Taxation Agency to buy 93 million shares of ETT. As of now, 82 enterprises have deposited over 2 billion MNT (1.5 million USD using today’s Bank of Mongolia’s reference rate of 1333MNT-Frontier Securities). Enterprises who ordered to buy shares should have deposited the money by June 28,2012. The proceeds will be used for subsequent financing.”

 

Dale Choi | Chief Investment Strategist | Frontier Securities | #705, Blue Sky Tower, Peace Avenue 17, 1st khoroo, Sukhbaatar district, Ulaanbaatar, Mongolia| Office: +976 7011999 | Mobile: +976.99103371 | Email: This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.