Mongolia Business and Mongolian Daily Business News

Dec. 3 (Bloomberg) — Mongolia is pushing its commodities companies to sell shares in Hong Kong next year to raise funds, President Nambaryn Enkhbayar said.

The country is seeking investors in Hong Kong, where about $12 billion of shares changed hands daily last year, compared with an average $208,844 in its home bourse, based on data from the Mongolian Stock Exchange’s 2007 fact book.

“Next year will be a very important and crucial year for Mongolian companies to list here,” Enkhbayar said in an interview in Hong Kong yesterday. “Mongolian companies have been planning to do IPOs here, but because of the financial situation of the world market, they’ve decided to delay.”
Two MPs, Ts.Badamsuren and E.Bat-Uul rejected comment of MP Ts.Davaasuren “Oyu Tolgoi and Tavan Tolgoi deposits are rare in the world; Ivanhoe Mines raised 3.7 billion Canadian dollar in the financial market depositing our wealth”. Hence the “General Principle and Guideline” on making agreement on Oyu Tolgoi and Tavan Tolgoi was adopted by 76% votes.

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