Report: Mongolia may list national railroad on Hong Kong exchange
A Chinese newspaper says Mongolia is considering listing its national railroad on the Hong Kong stock exchange as part of an effort to finance an ambitious USD 5 billion railway building program.
The report in the South China Morning Post says Mongolia Railways, which owned by the Mongolian government, is planning a domestic initial public offering before turning to foreign exchanges. The plan needs to be approved by Parliament.
“We hope it will approve it within weeks,” Manlaibayar Yondon, an official in the Ministry of Roads, Transportation, Construction and Urban Development, told the paper.
“We want to start with a domestic initial public offering and then go international. While the Mongolian Stock Exchange is working with the London Stock Exchange, I think Hong Kong will be our better bet.”
The paper said up to 49 percent of the shares in the railroad will be publicly traded.
Mongolia is China’s leading supplier of coking coal.
The report in the South China Morning Post says Mongolia Railways, which owned by the Mongolian government, is planning a domestic initial public offering before turning to foreign exchanges. The plan needs to be approved by Parliament.
“We hope it will approve it within weeks,” Manlaibayar Yondon, an official in the Ministry of Roads, Transportation, Construction and Urban Development, told the paper.
“We want to start with a domestic initial public offering and then go international. While the Mongolian Stock Exchange is working with the London Stock Exchange, I think Hong Kong will be our better bet.”
The paper said up to 49 percent of the shares in the railroad will be publicly traded.
Mongolia is China’s leading supplier of coking coal.
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