Tavan Tolgoi Shares Distribution among Mongolia
Chairman of Board of Directors of Erdenes TT, Chairman of State Property Committee of Mongolia D.Sugar briefed major Mongolian daily “Unen” today.
1.5B TT SHARES WITH PAR VALUE OF 300-1000MNT(0.25-0.83USD)WILL BE DISTRIBUTED FREE OF CHARGE TO MONGOLIAN CITIZENS, 1.5B SHARES WILL BE ALLOCATED FOR SALE TO ENTERPRISES AT PAR VALUE.
We are ready to distribute TT shares to 2 785 969 citizens of Mongolia.Each person will receive 538 shares.
53336 enterprises will be allocated 28123 shares each.
Other information is not confirmed yet as Government(GOM) has not made yet official decision, but in preliminary manner it is being discussed that par value of the shares is to be between 300-1000MNT
As GOM has a duty to finish all this work in Q1 it will be clear soon.
I cannot say whether Erdenes TT shares will rise as much as listed small TT but it will reach high price. When we will start to solve infrastructure and build power plant, CHPP and railway it is possible that price will get higher. TT strategic investors too will help in all that.
Selection of the investors is in active progress, second stage negotiations will start this week. I will not refuse possibility of third stage negotiations.
Soon we will introduce to GOM about TT contractor, choose one from three bidders and start work
Information critical of TT IPO managers Deutsche Bank, Goldman Sachs in the Mongolian media could be action of their competitors. We have not chosen these banks by accident, they have passed requirements of evaluation committee and examination. DB and GS are indeed reputable in world organizations. However, if it will be required we are ready to research and examine further.
State must provide correct information and promotion regarding shares to citizens. Regarding dividends, citizens should treat it calm and wise. It cannot be understood by citizens that they will get rich overnight. There is a lot of work to be done like commissioning the mine, recouping expenses and so on. Waiting and patience is required timewise. But once we get on solid footing indeed dividends will be paid for dozens, hundred years.”
1.5B TT SHARES WITH PAR VALUE OF 300-1000MNT(0.25-0.83USD)WILL BE DISTRIBUTED FREE OF CHARGE TO MONGOLIAN CITIZENS, 1.5B SHARES WILL BE ALLOCATED FOR SALE TO ENTERPRISES AT PAR VALUE.
We are ready to distribute TT shares to 2 785 969 citizens of Mongolia.Each person will receive 538 shares.
53336 enterprises will be allocated 28123 shares each.
Other information is not confirmed yet as Government(GOM) has not made yet official decision, but in preliminary manner it is being discussed that par value of the shares is to be between 300-1000MNT
As GOM has a duty to finish all this work in Q1 it will be clear soon.
I cannot say whether Erdenes TT shares will rise as much as listed small TT but it will reach high price. When we will start to solve infrastructure and build power plant, CHPP and railway it is possible that price will get higher. TT strategic investors too will help in all that.
Selection of the investors is in active progress, second stage negotiations will start this week. I will not refuse possibility of third stage negotiations.
Soon we will introduce to GOM about TT contractor, choose one from three bidders and start work
Information critical of TT IPO managers Deutsche Bank, Goldman Sachs in the Mongolian media could be action of their competitors. We have not chosen these banks by accident, they have passed requirements of evaluation committee and examination. DB and GS are indeed reputable in world organizations. However, if it will be required we are ready to research and examine further.
State must provide correct information and promotion regarding shares to citizens. Regarding dividends, citizens should treat it calm and wise. It cannot be understood by citizens that they will get rich overnight. There is a lot of work to be done like commissioning the mine, recouping expenses and so on. Waiting and patience is required timewise. But once we get on solid footing indeed dividends will be paid for dozens, hundred years.”
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