51 percent of Tavan Tolgoi Tulsh LLC transferred to Erdenes Tavantolgoi JSCEconomy
Ulaanbaatar /MONTSAME/. On October 13, the Cabinet made the decision to transfer 51 percent of the shares of Tavan Tolgoi Tulsh LLC to Erdenes Tavantolgoi JSC, obliging the Erdenes Tavantolgoi Board of Directors to resolve issues regarding the accumulated payments to be made for taxes and social insurance fees as according to corresponding legislation.
It is considered that there are several advantages to transferring the ownership of Tavan Tolgoi Tulsh LLC to Erdenes Tavantolgoi JSC, such as monitoring investment and efficiently managing debt and payments.
As for the rest of the Tavan Tolgoi Tulsh shares, the Ministry of Energy will be in charge of 39 percent, while the Government Implementing Agency for Policy Coordination on State Property will be in charge of 10 percent.
Corresponding officials were obliged to monitor the production of refined coal and the works being carried out to supply them to consumers, and report on the progress and results.