TS.DASHDORJ REPORTS ON IMPLMENTATION OF RAILWAY POLICY
Ulaanbaatar, Mongolia /MONTSAME/ The Minister Ts.Dashdorj has introdiuced to the cabinet an implementation of the state policy in the railway sphere.
The head of the Road, Transportation, Construction and Urban Development Ministry did it on Tuesday at the cabinet meeting called a day earlier due to the Minister's departure to Germany.
The cabinet decided to establish a state ownership-dominating incorporated company that will possess at least 51 per cent of the railway base structure. An order was given to the Minister of Transportation to allot MNT 518 million from the state fund for the company's joint stock and to issue a credit guarantee of MNT 399 billion for the Development Bank of Mongolia to finance the "New Railway" project.
Without limiting a participation of the "Erdenes Tavantolgoi" company in the 49 per cent of the new company, a stock ownership of each investor to this company will be restricted by ten per cent. In addition, the cabinet ruled that it is necessary to issue additional stocks in order to lift state-ownership of both "Mongolian Railway" and "Base structure of national railway" companies to 51 per cent, to offer these stocks to investors and to trade them openly through domestic and foreign stock exchanges.
B.Khuder
The head of the Road, Transportation, Construction and Urban Development Ministry did it on Tuesday at the cabinet meeting called a day earlier due to the Minister's departure to Germany.
The cabinet decided to establish a state ownership-dominating incorporated company that will possess at least 51 per cent of the railway base structure. An order was given to the Minister of Transportation to allot MNT 518 million from the state fund for the company's joint stock and to issue a credit guarantee of MNT 399 billion for the Development Bank of Mongolia to finance the "New Railway" project.
Without limiting a participation of the "Erdenes Tavantolgoi" company in the 49 per cent of the new company, a stock ownership of each investor to this company will be restricted by ten per cent. In addition, the cabinet ruled that it is necessary to issue additional stocks in order to lift state-ownership of both "Mongolian Railway" and "Base structure of national railway" companies to 51 per cent, to offer these stocks to investors and to trade them openly through domestic and foreign stock exchanges.
B.Khuder
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