Ard Financial Group (Ard Holdings), a full-service diversified financial services holding company, announced its intent to merge with Jinst Uvs (MSE:JIV), a public joint-stock company listed on the Mongolian Stock Exchange in April 2018. The Financial Regulatory Committee of Mongolia reviewed and approved this application for RTO on May 8, 2019, enabling Ard Holdings’ shares to be traded at the Mongolian Stock Exchange.
Under this reverse takeover process, Jinst Uvs, will issue 26,948,325 common shares in exchange for Ard Holdings’ shares at 1.57 ratio. For instance, a shareholder who owns 1,000 shares of Ard Financial Group will own 1,567 shares of Jinst Uvs after this conversion. The newly merged entity will assume the name, legal identity and operations of Ard Financial Group.
CEO of Ard FInancial Group, Ganhuyag Chuluun said “At the end of 2017 Jinst Uvs successfully merged with the closed joint-stock company Investor Nation. After this takeover, Jinst Uvs’ assets went up from MNT10 million to MNT3.1 billion and its market value rose from MNT26.6 million to MNT3.9 billion with its annual trading volume growing from MNT81 thousand to MNT1.5 billion in 2018, demonstrating the value of notion of RTO to our shareholders and the public. We now stand ready to complete the final round of this double merger with Ard Financial Group. This move is going to add new impetus to the Investor Nation movement which we initiated in 2013 on top of producing growth in shareholder value and increasing liquidity of our shares.”
Ard Financial Group is a diversified financial services holding company with the aim of increasing its shareholders’ value 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, Mongol Post, GoPay, Nomyn Hishig, CryptoNation, Digital Exchange Mongolia (trade.mn), and MEC partners (ardshop.mn). Ard App, Ard Digital Banking, GoPay, ArdCoin are proprietary digital products based on artificial intelligence and blockchain technology.
Publicly traded companies on the Mongolian Stock Exchange in our investment portfolio:
- MSE:MNP (05412) Mongol Post
- MSE:AIC (05480) Аrd Insurance
- MSE:ADB (05509) Ard Credit NBFI
- MSE:JIV (03262) Jinst-Uvs (Investor Nation)
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