Ard Financial Group increases its stake in Mongol Post to over 31 percent and welcomes Hishig Arvin Industrial’s CEO Mr. Bathishig Hishigdorj as a shareholder.
On Tuesday, 13th of September, Ard Financial Group (Ard Holdings) and Hishig Arvin Industrial (Hishig Arvin) jointly announced having entered into a definitive share swap agreement with Ard Holdings acquiring Mongol Post shares held by Mr. Bathishig, resulting in Ard Holdings consolidating its position as the largest private shareholder of Mongol Post with a total stake of over 31 percent. The combined share swap and cash deal makes Mr. Bathishig the single largest shareholder of Ard Holdings with 11.22 percent. He will start serving on the Board of Directors of Ard Holdings upon the closing of the deal.
“Today marks an important event in Mongolia’s financial sector with two private sector entities joining forces to unlock the value of the former state monopoly to the benefit of Mongolian people and our shareholders. Ard Financial Group welcomes this new level of partnership with Mongol Post and the Mongolian government. We look forward to modernizing Mongol Post. I would like to also welcome the CEO of Hishig Arvin Industrial, Mr. Bathishig, to our shareholder ranks and to our Board. This deal today lays the foundation of a long-term cooperation between Ard Financial Group and Hishig Arvin Industrial, exemplifying how the private sector can lead the way out of our country’s current economic downturn caused by an ill-advised policy framework of recent years. I would like to thank my Board of Directors and teammates who worked hard to make this deal happen, and my special gratitude goes towards our shareholders who supported us throughout the process”, said Ganhuyag Ch. Hutagt, the CEO of Ard Holdings.
Ard Holdings and Hishig Arvin both bid successfully in the privatization tender of Mongol Post early this year and were awarded the largest stakes. The partnership of the two signifies the strategic importance of Mongol Post to Hishig Arvin and Ard Holdings. Going forward Ard Holdings intends to modernize Mongol Post’s existing operations using international best-practices set by global postal leaders such as DHL, UPS, and FedEx. The parties envision Mongol Post to play a pivotal role in facilitating e-commerce, integrated logistics, and comprehensive financial services to all of Mongolia’s population.
If you would like to receive more information on Ard Financial Group, please contact us at:
Address: 2nd floor of "Ard Holdings" Building, Prime Minister A. Amar's Str., Suhbaatar District, Ulaanbaatar 14200, Mongolia
General info: +(976) 7707 8080
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