Deals
Mongolia Scraps Coal Miner’s $1 Billion Overseas IPO Plan
- ETT was preparing for Hong Kong IPO, people familiar have said
- Mongolia said international share sale remains long-term goal
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Mongolia has shelved near-term initial public offering plans for state-owned coal miner Erdenes Tavan Tolgoi JSC as the Covid-19 pandemic roils financial markets.
The country’s cabinet partially repealed a resolution that called for immediate action for ETT’s overseas offering, while an international share sale plan remains the goal for the long term, according to a statement posted on the government’s website on Monday. The authority urged ETT to turn its focus to a long-delayed railway project to link its Tavan Tolgoi coal mine with China.