On January 8th, 2016, the Mongolian Stock Exchange offered 34 percent of the Mongol Post JSC total shares for public trading and successfully completed a partial privatization of the company. Ard Financial Group JSC opened a new page in its history by participating in this privatization and acquiring 17.38 percent of the Mongol Post.
According to the privatization brief, Mongol Post will use MNT 6.25 billion, raised from this IPO, for expansion of its activities, introduction of new services and technical upgrades.
As a result of this privatization Mongol Post, which celebrates its 95th anniversary this year, will be able to upgrade its corporate governance and improve its management structure. It will also increase its operational efficiency and have the capacity to expand. Furthermore, Mongol Post gained an additional source of capital, enabling it to introduce new services for its customers through its network.
Ard Financial Group, as a leading private sector investor, with its transparent procedures and good governance practices will contribute to Mongol Post’s vision of becoming Mongolia’s exemplary Joint stock company.
“I would like to congratulate all individuals and companies who participated in this partial privatization” said Mr. Ganhuyag Chuluun, CEO of Ard Financial Group. “And on behalf of more than 360 investors, who became new shareholders, I would like to congratulate and express our appreciation to the Mongolian Stock Exchange, Financial Regulatory Committee, Securities Clearing House and Central Depository, State Property Committee and Mongolian Government on the successful organization of the privatization. This ground breaking privatization allowed ordinary citizens to become owners in a major national institution and participate on the Mongolian Stock Market. Now we must capitalize on this achievement and collectively overhaul Mongol Post’s operations, promoting good governance and strengthening the trust of the people. With this we will be able to demonstrate a successful public/ private partnership that has been talked about for so many years. The Mongol Post privatization will be a new beginning for many positive changes and paves the way for subsequent privatizations to follow.”
Newly private minority shareholders are working towards calling a meeting of shareholders of Mongol Post.
About Ard Financial Group
Ard Financial Group or Ard Holdings is a financial holding company that invests in leading financial service providers to help them capture market share, improve competitiveness and increase their value in order to maximize the return to our shareholders. The investment portfolio of Ard Holdings includes Ard Insurance, Ard Credit, Ard Securities (Monet Capital), Ard Assets, Ard Capital Management and EIT (Equity Investment Trust). The Company is also invested in the Institute of Engineering and Technology, Nomiin Khishig Real Estate Agency, TenGer Systems and Wild Digital Agency through its investment fund. Ard Holdings actively participates in the management of its portfolio companies and creates synergies across the Group.