Ulaanbaatar
First dual listed company offers its shares
Economy
Ulaanbaatar /MONTSAME/ Erdene Resource Development Corporation listed on Toronto Stock Exchange has had an opportunity to trade its shares on the Mongolian Stock Exchange (MSE) as having dual registration.
The Company made its public promotion on its IPO today. Erdene Resource Development Corp. was established in 2000 and has operated in discovery of high-grade copper and gold mine, exploration and project development. In 2003, Erdene Corp. founded ‘Erdene Mongol’ subsidiary company which runs operation in resource exploration and project development.
Erdene Corp. offers 2.7 percent of its total outstanding shares or 4 million shares at MNT 640 each to public and plans to raise MNT 2.56 billion. The raised funds from the market will be spent for exploratory drilling, reserve estimation and technical survey.
"Our company is making the development of Mongolian stock market one step forward and setting a new example of transparency and good governance in mining companies as having dual registration and trading shares. As for Erdene Mongol Company, it aims to increase number of Mongolian shareholders and create long-term value," Peter Akerley, President and CEO of the Company said.
BDSec JSC is working as a main underwriter of Erdene Mongol Development Corp. and Golomt Capital LLC as an assistant underwriter.
The primary market order will be received until 3pm, June 14 through member securities companies of MSE, state-owned shareholding company.
B.Batchimeg
