Corporate shareholder trims stake in Mongolian Mining

Petrovis raises about $82 million from the sale of a 2.3% stake after the Mongolian coal miner reports strong earnings.

Corporate shareholder trims stake in Mongolian Mining

One of Mongolian Mining Corp’s MMC biggest shareholders last night raised HK$633.8 million $82 million from the sale of a 2.3% stake in the company. The sale, which was arranged by Macquarie, comes a couple of weeks after the Hong Kong-listed Mongolian coking coal company said that its net profit almost doubled last year as it ramped up production. It also follows a gain of about 37% in the share price so far this year.

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