Altan San Securities - Mongolia Investment - BDSec Successfully Managed First IPO of 2009 as GTB's 10 Million Shares Offering Closes

BDSec Successfully Managed First IPO of 2009 as GTB's 10 Million Shares Offering Closes

Tour operator Genco Tour Bureau’s (GTB) 10 million shares or 12.5% of total shares remained from previous IPO successfully sold on the primary market on Monday as its underwriter BDSec marked first ever Mongolian IPO of 2009.

99.3% or 9,932,500 shares of total offered shares traded at offer price of 100 MNT which is 11.1% higher than market price.

Using around 1 billion MNT of fund raised from this offering GTB will construct road, concrete fence, and gate building around "Chinggis Khan Statue Complex" so that company can operate with full capacity before tourism sector starts in Mongolia.

GTB initially issued 70 million shares through IPO in 2007 and raised around 7 billion MNT to fund its 2 projects "Chinggis Khan Statue Complex" and "13th Century National Park" which are now almost completed.

Source: www.bdsec.mn

www.genco-tour.mn

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