High coal price to provide favorable conditions for ETT investors
ETT is planning to launch IPOs in the global market to raise USD 3 billion
1 долоо хоног, 2 өдөр өмнө
Coal firms are still in demand. The performance of the new Mongolian Mining Corporation (MMC)’s USD 440 million bond shows it. The bond has a 9.25 percent interest rate and received a total of USD 740 million bids for subscriptions. From the same example and with the current high price of coal, investors are showing interest in purchasing Erdenes Tavan Tolgoi (ETT)'s shares.
Erdenes Tavan Tolgoi JSC, which has 2.5 million shareholders, plans to hold its shareholders' meeting on April 30. The Board's conclusions on the 2018 annual report and the annual financial statements will be discussed at the meeting. The company is also planning to launch IPOs in the global market to raise USD 3 billion.
There are currently 305 companies listed in the Financial Regulatory Commission, out of which 26 have agreed to disburse dividends of MNT 62.1 billion. ETT has settled to distribute MNT 26,800 per share in dividends to Mongolian citizens each holding 1072 shares.
The company plans to hold its shareholders' meeting on April 30
In addition to dividends, preparations for trading on the international stock exchanges are continuing. Minister for Mining and Heavy Industry Sumyabazar Dolgorsuren announced that ETT will launch an IPO.
He informed that the company would restructure and establish an international subsidiary of Tavan Tolgoi. In order to succeed, it requires a CEO with high experience in finance and capital market proficiency. In addition, the Minister added that four of the nine board members should be foreign people who are internationally acceptable.