During yesterday's meeting the Cabinet of Ministers
drew a resolution regarding some actions to be taken in relevance with allocating the Erdenes Tavan Tolgoi shares to the citizens of Mongolia and selling the 10% shares to private entities.
According to the 39th resolution issued in 2010 and the 57th resolution from 2011 by the State Great Khural (Parliament) of Mongolia it has been resolved to distribute 20% of Erdenes Tavan Tolgoi shares
for free to people of Mongolia in frames of the election promise to allocate 1.5 million MNT to every citizen of Mongolia and during yesterday’s meeting the action to allocate the 20% shares has been resolved to be implemented by taking the below measures:
- To distribute an additional 536 shares to the people who are already holding Erdenes Tavan Tolgoi shares in accordance with the 98th resolution of the Government of Mongolia drawn in 2011.
- To automatically allocate 1,072 shares to all citizens born before the date as the new resolution to be entered into force (currently the resolution's period of validation is under discussion).
- To subtract from the shares to be given to citizens the amount of money that has already been distributed to the citizens in cash and non-cash forms: 1 million MNT from the shares of the elder and disabled citizens of those who have submitted their request to receive the amount in advance as cash through the Human Development Fund in compliance with the 53th resolution of the Parliament in 2011; 500 thousand MNT from the shares of the students who have received the amount as a grant for their tuition fee for 2010-2011 and 2011-2012 academic years; the relevant amount that has been distributed as health insurance premium in 2011 for those who have requested.
Moreover according to the proposal a duty, to organize the action to sell the 10% shares of the Erdenes Tavan Tolgoi to the private entities due to the 39th resolution of Parliament issued in 2012 at set prices and at fair equal allocations, was imposed upon the State Property Committee, the General Department of Taxation and the General Authority
for State Registration.
Also T.Gandi, Minister for Social Welfare and Labor, D.Khayankhyarvaa, Minister for Finance and the State Property Committee were imposed with duties to organize the action to rise the demanded fund for purchasing the shares from the citizens, who are willing to sell their shares at a confirmed price to the Government in compliance with the 53th resolution of the Parliament, from selling the shares stated on the 2nd article of the proposal to private entities. The State Property Committee was imposed with duties to implement the above discussed matters stated on the 1st, 2nd and 3rd articles of the proposal before the launching of the Erdenes Tavan Tolgoi shares on the international stock market.