Mongolian state-run Erdenes Tavan Tolgoi is expected to appoint banks to manage an IPO worth up to US$5 billion for the world’s largest unexploited coking coal deposit, a source close to the matter told reporters.
More than 150 investment banks from Wall Street, Europe and Asia-Pacific made pitches to the Mongolian government over the past few days to win the coveted underwriting mandate for the Tavan Tolgoi coal mine. Sources said a decision is expected within two weeks.
A new Latvian law that provides residency rights to foreign investors has provided a boost to the real estate market and nationalist sentiment alike, the BBC reported.
The new amendment to the Latvian Law on Immigration came into force in July, 1, and allows foreign investors and their family members including those from non-EU countries to receive a 5-year residence permit in Latvia along with the right to travel in the Schengen area freely, if they purchase Latvian property of at least 70,000 euros (US$95,000) in value, or invest in a business.