Mongolian government to hand out shares of state-owned company to citizens
ULAN BATOR, June 26 (Xinhua) -- The Mongolian government decided to grant each citizen a preference share of the state-owned company Erdenes MGL Company at a regular government meeting Monday, local media reported.
Mongolian Prime Minister Sukhbaatar Batbold said this was a new measure for the government to implement its policy of equally distributing benefits of the country's natural resources to every citizen.
According to the report, the Erdenes MGL Company owns 100 million units of ordinary stocks and 3 million units of preference stocks and Mongolian citizens possessing the preference shares have a special right to obtain dividends prior to the government and shareholders.
Prior to this decision, Mongolia had already decided to distribute 1,072 shares of the state-owned company Erdenes Tavan Tolgoi to each citizen.
But unlike the distribution of the shares of Erdenes Tavan Tolgoi, the preference shares of Erdenes MGL are not allowed to be sold or presented to others.
Erdenes MGL Company is a state-owned company established by the government of Mongolia for the purpose of developing strategically important mining deposits in Mongolia. The Erdenes Oyu Tolgoi is one of the subsidiaries of the giant miner Erdenes Tavan Tolgoi with huge reserve of coal.
Editor: Lu Hui
Mongolian Prime Minister Sukhbaatar Batbold said this was a new measure for the government to implement its policy of equally distributing benefits of the country's natural resources to every citizen.
According to the report, the Erdenes MGL Company owns 100 million units of ordinary stocks and 3 million units of preference stocks and Mongolian citizens possessing the preference shares have a special right to obtain dividends prior to the government and shareholders.
Prior to this decision, Mongolia had already decided to distribute 1,072 shares of the state-owned company Erdenes Tavan Tolgoi to each citizen.
But unlike the distribution of the shares of Erdenes Tavan Tolgoi, the preference shares of Erdenes MGL are not allowed to be sold or presented to others.
Erdenes MGL Company is a state-owned company established by the government of Mongolia for the purpose of developing strategically important mining deposits in Mongolia. The Erdenes Oyu Tolgoi is one of the subsidiaries of the giant miner Erdenes Tavan Tolgoi with huge reserve of coal.
Editor: Lu Hui
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