Stock Exchange requests Financial Regulatory Commission to cooperate on facilitating share migration

2019-01-31 15:03:04

Ulaanbaatar /MONTSAME/ Mongolian Stock Exchange delivered an official request to the Financial Regulatory Commission to cooperate on facilitating the share migration on January 31.

The first cross-listed company on MSE, ‘Erdene Resource Development Corporation’ JSC, has been listed and traded on the MSE since June 2018. Currently, 97% of its shares are listed and traded on the Toronto Stock Exchange while the remaining 3% of the shares is traded on the MSE. The shares are not fungible between the Toronto and Mongolian markets, however MSE considers it feasible to facilitate share migration in the current legal environment and delivered the official request to the FRC on the cooperation of facilitating share migration.

The share migration brings a number of benefits such as ensuring price stability between the two markets, increasing supply in the domestic market and improving liquidity, while also attracting other foreign listed mining companies with operations in Mongolia to cross-list on the MSE and helping bring the domestic capital markets development to a new level.

Source: Mongolian Stock Exchange