AKIPRESS.COM - A Mongolian property company has said that it will float on London's junior stock exchange next month, reports The Telegraph.

Asia Pacific Investment Partners (Apip), a company which develops property, manufactures cement and runs real estate agencies in the central Asian country, will list on the Alternative Investment Market (AIM) in December.

In Mongolia, Apip has developed and sold luxury homes and shopping malls, of which there is a shortage. It said it plans to use funds from the IPO to expand its portfolio, especially among Mongolia's fast-expanding middle-income buyers, and start offering mortgages in the country, which is in early stages of development.

The company also said that it was setting its sights on Myanmar, where it has opened an estate agency business in the capital Yangon. It said it will look to 15 other frontier markets around the world to replicate the success it has had in Mongolia, and open real estate business there. Lee Cashell, chief executive of Apip, said: "Our research driven model provides us the insights necessary to take advantage of future opportunities in frontier markets."

Last year, Apip made $11m in pre-tax profit, which was lower than the $22m in made the year before. According to DTZ Cushman and Wakefield, its Mongolian real estate is worth $312.8m, making up 570,000 sq ft in Ulan Bator, the capital of Mongolia, with capacity to build more buildings across 4.8m sq ft.