A former counselor at the Mongolian Embassy in the U.K. was named acting chief executive officer of the Mongolian Stock Exchange.
The MSE’s board of directed appointed Angar Davaasuren, 36, to take over from acting CEO Bolormaa Damdin immediately, according to a statement posted yesterday on the exchange’s website. Bolormaa had served since the departure of Altai Khangai in January.
Angar was a financial counselor at the Mongolian Embassy in London from 2011 to 2014 after working for the nation’s ministry of finance from 2002 and 2009. He has degrees in international finance and accounting from the Central University of Arkansas and the University of Liverpool.
Angar takes over a bourse that has struggled to attract investment even after a three-year, $14.2 million restructuring conducted by London Stock Exchange Group Plc. (LSE) The benchmark MSE Top 20 Index has slid 38 percent since it signed the agreement with the LSE on April 7, 2011. Since Jan. 1 the MSE has operated under a new securities law that allows local listings by overseas companies.
The MSE has 248 listed companies, 48 employees and a 1.56 trillion tugrik ($859 million) market capitalization. Trading volume in the first five months of the 2014 was 8.9 billion tugriks, according to Ulziibat Dagvaa of the MSE’s public relations department.
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