Ulaanbaatar. Mongolia, April 7, 2021 - Whilst Bogd Bank had announced its plan for an IPO and is employing Ard Securities Brokerage (ArdSec), a wholly-owned subsidiary of Ard Financial Group (Ard), as its underwriter. Today Ard Holdings International is signing a strategic investment contract with Bogd Bank (Bank). The Bank has decided to raise capital by issuing new shares and will obtain pre-IPO strategic investment permissions from Mongolbank (MB).
Article 3 of the Law on Procedures for Enforcing the Law on Amendments to the Banking Law approved by the Parliament on January 29, 2021 states that “The Financial Regulatory (FRC) and MB will jointly approve the temporary procedure for developing, implementing, reporting, and reviewing the plan specified in Article 1 - which mandates banks to restructure into public, joint-stock companies, and change its shareholding structure and share capital amount under this law.” It also mentions that all plans to reorganize a bank into an open or closed joint company following the jointly approved temporary procedure should be submitted to the FRC and MB before July 1, 2021, with a proposed public or closed IPO plan, a projection of share price and a focus group research from potential investors.
Ard is providing this information to the public per its duties stated in Article 3.1 of the Securities Issuer Information Transparency Regulation of the Financial Regulatory Commission.
Bogd Bank, established in 2014, offers a full range of commercial banking services. It aims to expand its operations to become one of the top retail banks in Mongolia by initiating the latest technology and new standards to the financial market. Moreover, Bogd Bank maintains a stable and high return on investments for its customers, corporate clients, and investors through the introduction of a wide range of modern innovative products and services tailored to each of their needs.
Ard Financial Group is a diversified financial services holding company with the overarching goal of increasing its shareholders’ equity through investing in and developing leading financial services and technology companies. Our investment portfolio consists of companies such as Ard Insurance, Ard Credit, Ard Securities, Ard Life, Ard Assets, Ard Management, Ard Bit, TenGer Systems, MEC Partners (ardshop.mn), Mongol Post, Ard Holdings International, Ard Leasing, Ard Properties and Ard Realty. Ard App, Ard Fintech, ArdCoin, Ard Cash, CryptoNation and Ard Digital Bazaar are proprietary digital products based on artificial intelligence and blockchain technology.
Companies in Ard Financial Group’s portfolio that are also listed on the MSE:
- MSE: AARD (03260) Ard Financial Group (formerly Jinst Uvs/Investor Nation)
- MSE: AIC (05480) Ard Insurance
- MSE: ADB (05509) Ard Credit
- MSE: MNP (05412) Mongol Post
- MSE: XOC (4001) National Privatization Fund
- MSE: BUN (03089) Bulgan Undarga
For more details, contact:
HQ address: Ard Holdings, Prime Minister Amar street, Suhbaatar district, 8th horoo, Ulaanbaatar, Mongolia. w3w: powerful.gains.animates
Central Tower branch address: Suhbaatar square-2, Suhbaatar district, 8th horoo, Ulaanbaatar, Mongolia. w3w: animate.softest.screeches
Tel: +976 7707 8080, +976 7707 8181, +976 7707 8282