Ulaanbaatar
Cabinet discusses purchase of Mongolia Telecom shares
Politics
Ulaanbaatar /MONTSAME/ During its regular meeting on October 25, the Cabinet discussed the issue of purchasing shares of the Mongolia Telecom Company.
The Government of Mongolia owns 54.67 per cent of the company’s shares, whereas the KT Corporation of the Republic of Korea owns 40 per cent and foreign and Mongolian citizens retain the rest 5.33 percent shares. The KT Corporation proposed to sell its shares to the Government in June, 2017.
The Cabinet assigned Finance Minister Ch.Khurelbaatar and heads of corresponding agencies to include USD 2 million 550 thousand fund for purchasing 10,348,111 shares of the KT Corporation in the 2018 budget.
In accordance with a memorandum of mutual understanding signed by the countries, negotiations on payment terms will be held.
The Cabinet also authorized that necessary measures will be taken at the Mongolia Telecom Company to increase efficiency and enhance management through introduction of advanced technologies and coordination of policy.
By the end of 2016, Mongolia Telecom Company’s services constituted 28.19 percent of telephone market, 12 percent of internet, 5 percent of cable television, 12 percent of directory assistance and 16 percent of international dialing service market. Since 1996, the company has distributed dividend worth MNT 18 billion, and the Government received more than MNT 10 billion.
The Government of Mongolia owns 54.67 per cent of the company’s shares, whereas the KT Corporation of the Republic of Korea owns 40 per cent and foreign and Mongolian citizens retain the rest 5.33 percent shares. The KT Corporation proposed to sell its shares to the Government in June, 2017.
The Cabinet assigned Finance Minister Ch.Khurelbaatar and heads of corresponding agencies to include USD 2 million 550 thousand fund for purchasing 10,348,111 shares of the KT Corporation in the 2018 budget.
In accordance with a memorandum of mutual understanding signed by the countries, negotiations on payment terms will be held.
The Cabinet also authorized that necessary measures will be taken at the Mongolia Telecom Company to increase efficiency and enhance management through introduction of advanced technologies and coordination of policy.
By the end of 2016, Mongolia Telecom Company’s services constituted 28.19 percent of telephone market, 12 percent of internet, 5 percent of cable television, 12 percent of directory assistance and 16 percent of international dialing service market. Since 1996, the company has distributed dividend worth MNT 18 billion, and the Government received more than MNT 10 billion.
Kh.Aminaa
