Mongolia Growth Group Ltd ("MGG" or "the Company") is pleased to announce the closing of the sale of Mandal General Daatgal LLC ("Mandal") by MGG to UMC Capital LLC ("UMC Capital").
This sale will allow the management of MGG to focus its energy, corporate resources and capital on its core commercial real estate business with the goal of creating the most successful institutional property company in the rapidly growing economy of Mongolia.
MGG has sold all of the issued and outstanding shares in the capital of Mandal to UMC Capital for gross proceeds of approximately 5.90 billion Mongolian Togrog (approximately Cdn$3.50 million).
I am in favor of this move as it will allow management to focus its time and resources on the property business.
Disclosure: I am long OTCPK:MNGGF.