First private-owned exchange commences operation

Economy
amina@montsame.mn
2017-12-05 16:53:41
Ulaanbaatar /MONTSAME/ Mongolian Securities Exchange (MSX), Mongolia’s first private-owned exchange, rang its opening bell on December 4.

In compliance to its policy to improve the competitiveness of stock exchange and clearing and settlement institutions and promote fair competition in the capital market infrastructure, the Financial Regulatory Commission (FRC) issued a special license to MSX in July, 2015, following its foundation earlier in May.

Last October, the FRC backed an initial public offering by electrical installation company ‘And Energy’, authorizing the registration of the company’s 78.1 million ordinary shares at the asking price of MNT 1. ‘And Energy’ JSC offered 34 percent of its shares at the rate MNT 60 through the MSX.

In accordance with the FRC decision, the MSX launched its operation with expectations to generate MNT 1.6 billion, but outperformed the exchange order by 186 percent. As such, the MSX launched secondary market operations on November 10.

FRC Director S.Davaasuren attended the bell-ringing ceremony, congratulating the MSX on  its first successful and responsible exchange. The ceremony was also attended by D.Bayarsaikhan, Deputy Director of the FRC, B.Lkhagvajav, President of the Mongolian National Chamber of Commerce and Industry, T.Jambaajamts, Department Head of the FRC and Ts.Gurragchaa, CEO of ‘And Energy’ JSC.

Founded in 2011, 'And Energy' JSC has been running LED light factory ‘Erdenet LED’ in Erdenet city since 2014. The company supplies 32 types of LED lights, constituting 0.5 percent of domestic market.
Kh.Aminaa