CHAIRMAN OF THE FINANCIAL REGULATORY COMMISSION, BAYARSAIKHAN DEMBERELDASH, HIGHLIGHTS OPPORTUNITY IN THE FACE OF CHALLENGES

2020-05-25 15:23

Today, Bayarsaikhan Dembereldash, Chairman of the Financial Regulatory Commission (FRC) attended the bell ringing ceremony of the first IPO of 2020. In his remarks, the Chairman said, ‘Although the global outbreak of COVID-19 is having a negative impact on our economy and financial markets (with falling stock market indicators) and we are facing major challenges, I want to highlight the potential for investors in the stock market to turn challenges into opportunities. Bodi Daatgal’s decision to go public is an opportunity as well as an prompt  for other companies considering raising funds (by issuing shares and bonds in the stock market) to gain market confidence.’

Three key financial components - banking, insurance, and the stock market - are crucial to the development of economic and financial sectors. An insurance company going public and developing into a joint stock company is a noteworthy example. Part of Parliament Resolution No. 32 of 2020 (to develop a healthy, reliable, transparent, open, publicly controlled and accessible banking system) obliges relevant authorities to draft necessary amendments to applicable legislation, that will permit banks to become joint stock companies. This will provide for healthy and transparent financial markets; and for sustainable growth in the future of the associated banking sector, insurance and capital markets.

The total value of stocks traded in 2018 reached MNT 210 billion, which was the highest figure recorded during the past 27 years. In 2019, a total of MNT 42.6 billion worth of stocks were traded by four companies.

The FRC registered the shares of Bodi Daatgal LLC in December 2019 and is working towards raising MNT 5.3 billion by publicly offering 20% of the total shares.

Bidisek UTSK JSC, BDO Audit LLC, Gerege Estimate LLC, ELC LLC worked together with Bodi Daatgal LLC; as the underwriters, auditors, assets valuers, and lawyers, respectively.

АНХААРУУЛГА: Уншигчдын бичсэн сэтгэгдэлд Frc.mn хариуцлага хүлээхгүй болно. Манай сайт ХХЗХ-ны журмын дагуу зүй зохисгүй зарим үг, хэллэгийг хязгаарласан тул Та сэтгэгдэл бичихдээ бусдын эрх ашгийг хүндэтгэн үзнэ үү. Хэм хэмжээ зөрчсөн сэтгэгдлийг админ устгах эрхтэй.