Ulaanbaatar
Gobi JSC stock price surges back after BoDs' announcement
Economy
Ulaanbaatar /MONTSAME/ Following the fire, which broke out at the cashmere factory of “Gobi” JSC on June 14, the Board of Directors made an announcement to its shareholders on June 16.
"During the fire, the executive management of the company worked effectively to reduce the damages by moving factory resources and products to safe places. However, the factory building has been flooded due to the fire extinguishing process. Thus, currently it is not possible to evaluate the damages occurred to the factory equipment. The National Emergency Management Agency and the National Police Agency will determine the cause of the fire and the damage will be evaluated in the inspection process. We will inform you as the official report is released.
We are providing necessary guidance to the management team and controlling the situation in order to resume the factory operation in short time"
Board of Directors
Gobi JSC
June 16, 2017"
Due to the fire, the company’s stock price dropped down from MNT 13.770 thousand to MNT 11.710 thousand in a single trading day. Following the statement, the company’s share surged back to MNT 13750 within 3 hours after the stock market opened on June 19.
Source: Mongolian Stock Exchange
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