Erdenes Tavan Tolgoi to distribute dividends to its shareholdersEconomy | Mining
Ulaanbaatar /MONTSAME/ Today, on February 17, Minister of Mining and Heavy Industry D.Sumiyabazar and Executive Director of ‘Erdenes Taval Tolgoi’ (ETT) JSC B.Gankhuyag announced to distribute dividends to shareholders of ETT Company.
“Erdenes Tavan Tolgoi JSC Board of Directors today made a decision to distribute dividends to its share holders. The company gained USD 1 billion and 30 million sales revenue in 2019. Therefore, the dividend per share calculated to be MNT 90 and resolved to give MNT 96 thousand to 1.072 pieces of shares. The amount of dividends will be raised further in case the company’s revenue grows up. Citizens who were born before April 11, 2014 own the ETT company shares. However, there are more than 600 thousand children born until today since that time and we have full potential to distribute the dividends to them as well. We will present the issue to the Cabinet,” Minister D.Sumiyabazar said.
Executive Director of ETT JSC B.Gankhuyag noted that the company earned USD 1 billion and 30 million sales income, gaining MNT 1 trillion net profit and accumulating MNT 670 billion to the state budget in 2019. The Company has been efficiently operating since 2016 and it has paid large amount of foreign and domestic payments.
A total of 580 thousand citizens have not made their registration so far and most of them are children and citizens living abroad. The citizens are able to get registered until a ETT shareholders' meeting, which is scheduled to be held on April 17. As presenting the decision made by the Board of Directors at the shareholders' meeting, rights to distribute dividends will be opened. It is expected to distribute the dividends beginning from May."