AKIPRESS.COM - The Government of Mongolia has granted rights to sell up to 30 percent of total shares of Erdenes Tavan Tolgoi Company through domestic and foreign stock exchanges, Montsame reports.

Works to launch the IPO is ongoing and banks in charge of IPO issuance have been selected. Specifically, the three banks are ‘Merrill Lynch’ (American investing and wealth management division of Bank of America), ‘Credit Suisse’ (Swiss Multinational investment bank) and ‘Nomura’ (Japanese financial services group). The IPO of ETT will be listed at London and Hong Kong Stock Exchanges.

The aforementioned three banks have been chosen out of 25 international banks in which the Government sent invitations. Furthermore, ‘Linklaters’, multinational law firm headquartered in London, has been selected to provide legal assistance.

Erdenes-Tavantolgoi JSC is a Mongolian state-owned company that holds mining licenses to the Tavantolgoi coal deposit which is regarded as one of the largest and high-quality coking coal deposits in the world, located in the southern Gobi region of Mongolia, approximately 540 km south of Ulaanbaatar