Many significant issues were resolved within the regular meeting of the Cabinet of Ministers held on May 30, 2012. One of the long awaited issues was a nominal price of the "Erdenes Tavan Tolgoi" JSC, where within the meeting it was decided to correspond 1,072 shares worth 1 million MNT
with a nominal price of 933 MNT within the framework of organizing the trade of "Erdenes Tavan Tolgoi" JSC shares among citizens and enterprises.
The validation for “Erdenes Tavan Tolgoi” JSC shares allocated to each citizen will be recorded in their “Human Development Fund” account books.
Regarding this issue, Prime Minister S.Batbold noted, “The Government has determined the principle and base of allegiant dispensation”.
By March 28, 2012 Cabinet meeting, a decision was made to allot the state grants in a form of cash
to senior and impaired citizens primarily. As of May 20, the final day of accepting the application to receive the state grants in the form of cash, there were registered a total of 363 thousand senior and impaired citizens who claimed to receive 1 million MNT instead of 1,072 shares and accordingly the money allotment
has started in the past week through the “Human Development Fund”. This operation has now been stabilized not only in Ulaanbaatar, but in rural areas as well. The allotment of this state grant is to be executed within the month of June, 2012.
In the Government Work Plan 2008-2012, it is cited to allot state grants worth 1.5 million MNT to each citizen of Mongolia, whereas 0.5 million MNT was nearly distributed since 2010. More specifically, 120,000 MNT was allocated to each citizen of Mongolia in two parts 70,000 and 50,000 MNT in 2010, and 21,000 MNT is being distributed to each citizen of Mongolia per month between January, 2011 and June, 2012.
The resolution to complete this goal was released with the May 30, 2012, Cabinet meeting, where 1,072 “Erdenes Tavan Tolgoi” JSC shares worth 1 million MNT are to be allotted using the “Human Development Fund” account and to be completed in the near future. Thus, the decision to allot the state grants in the forms of cash or shares (optional) will be implemented.
The PM S.Batbold said, by allotting this grant through the “Human Development Fund” accounts, it enables entities to purchase the shares at the nominal price rate.
PM S.Batbold entrusted the State Property Committee and other associate Government ministries and agencies with the implementation of this process.