Mongol Basalt to release Initial Public Offering
Mongol Basalt will soon offer 30 percent of its stocks through an IPO at the price of 380 MNT per stock.
Mongol Basalt, Mongolia`s first innovative insulation material producer which is known for its energy-saving and heat-loss preventing stone wool, will soon offer 30 percent of its stocks through an IPO at the price of 380 MNT per stock. During a meeting of the Financial Regulatory Commission, 56.4 million Mongol Basalt stocks were registered at the nominal price of 100 MNT per stock. Mongol Basalt has extensive cooperation with Japanese Marubeni Corporation. Last year, the two entities successfully conducted technological experiments to produce fire-resistant thread and tape from basalt wool produced by Mongol Basalt. Moreover, they also conducted an experiment of using basalt wool in ingredients to produce vehicle brake pads and other industrial brakes. Therefore, Mongol Basalt hopes to generate 6.4 billion MNT in capital through the IPO, which they plan to invest in developing the company's manufacturing procedures and increasing their export volume.
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