HONG KONG, Dec 6 (Reuters) – Up to five of Mongolia’s government-owned mining firms may be looking to list their shares Hong Kong, the South China Morning Post reported on Saturday, citing a top Mongolian government official.
‘There are four to five of them, and all are engaged in mining coal, iron ore, uranium, copper and gold,’ the newspaper quoted Sukhbaatar Batbold, Minister for Foreign Affairs and Trade, as saying at a business forum in Hong Kong.
Batbold said the deals were in ‘premature stages’ and the mining firms were seeking advice from investment banks and had not filed a listing application to the Hong Kong bourse yet.
Batbold declined to identify the listing hopefuls or to detail their fund-raising targets. ‘But one thing for sure is that we want our companies to be listed as soon as possible,’ he added.
Mongolia’s President Nambaryn Enkhbayar said earlier this week in Hong Kong that Mongolia aims to attract more foreign investment to minimise the impact of a sharp drop in the prices of mining commodities and as tighter bank lending squeezes its construction industry.
Mongolia — where mining contributes 40 percent of government revenues — also aims to decide on state ownership rules on strategic mineral deposits by the middle of next year, the president had said.
(Reporting by Donny Kwok; Editing by Jan Dahinten)
Source: Forbes
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