Mongolia coal mine drops HK from IPO for now-sources
HONG KONG Jan 13 (Reuters) - Erdenes Tavan Tolgoi, the state-owned entity charged with developing the giant Tavan Tolgoi coal mine in Mongolia, has decided to drop for now Hong Kong as a venue for its up to $3 billion initial public offering, three sources with direct knowledge of the plans told Reuters on Friday.
The company will seek an IPO in London and in Mongolia's capital of Ulan Bator, added the sources who could not speak publicly on the matter. Erdenes-TT executives and bankers working on the deal met in Mongolia in the past days to discuss the plans, which still take into consideration a Hong Kong listing after the IPO.
B. Enebish, executive director at state-run Erdenes MGL, told Reuters the IPO would likely take place in May.
The company will seek an IPO in London and in Mongolia's capital of Ulan Bator, added the sources who could not speak publicly on the matter. Erdenes-TT executives and bankers working on the deal met in Mongolia in the past days to discuss the plans, which still take into consideration a Hong Kong listing after the IPO.
B. Enebish, executive director at state-run Erdenes MGL, told Reuters the IPO would likely take place in May.
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