Today (November 28, 2024), the "Mongolian Stock Exchange" JSC organized the ringing of the bell ceremony for the initial public offering (IPO) of "Tenger Daatgal" LLC. The event was held at the Financial Regulatory Commission’s hall. 

At the ceremony, Khash-Erdene. T, Chief of the Business Development Department of MSE, Tserenbadral. T, Deputy Chairman of the Financial Regulatory Commission, Bayanmunkh. B, Acting CEO of "Tenger Daatgal" LLC; Batchimeg. S, CEO of "TDB Securities UTsK" LLC; Ulziidelger. A, CEO of "Mandal Capital Markets" LLC, and other officials participated. 

Remarks from Khash-Erdene. T, Chief of the Business Development Department of the Mongolian Stock Exchange:

"With the mission to deliver a secure future through insurance to every citizen, "Tenger Daatgal" has been operating since 2001 with a license to provide general insurance services in Mongolia. Today, it has grown into a leading company in the reinsurance market, partnering with internationally renowned insurance firms and demonstrating robust risk management capabilities.

According to the securities prospectus, the company has been consistently profitable since 2008. By 2023, its return on equity reached 26.1%, significantly outperforming the industry average of 5.2%, making it a leader in profitability within the sector.

"Tenger Daatgal" has registered its ordinary shares with the Mongolian Stock Exchange based on the Financial Regulatory Commission’s Resolution No. 413 and the MSE CEO’s Order No. A/248. The IPO orders will be accepted through the MSE's IPO system starting today until December 4, 4:00 PM."

T.Khash-Erdene also invited investors to actively participate in the trading and wished success to the underwriting companies, legal firms, and other entities involved in the IPO process.

Remarks from Tserenbadral. T, Deputy Chairman of the Financial Regulatory Commission:

"In 2024, Mongolia’s insurance sector celebrates its 90th anniversary. As of this year, Mongolia has 2 long-term insurance companies, 16 life insurance companies, 60 insurance brokerages, 29 loss assessors, and 2,590 licensed insurance agents. The value of insured assets has grown from MNT 1.5 trillion in 2005 to MNT 371 trillion in 2024, reflecting the sector's significant development.

The financial market consists of three main pillars: banking, capital markets, and insurance. The Financial Regulatory Commission has implemented policies to develop the insurance market as one of its key priorities. Insurance companies, as long-term professional investors, play a critical role in the capital market. Today’s IPO opens doors for long-term institutional investors to enter the market."

Remarks from Batchimeg. S, CEO of TDB Securities UTsK LLC:

"Tenger Daatgal", a leading company in the insurance sector, has officially listed on the Mongolian Stock Exchange as a public company. Listing companies on stock exchanges not only boosts the capacity of the capital market but also provides investors with opportunities to share in the growth of successful businesses.

The insurance industry has the potential for significant expansion. Over the past 15 years, "Tenger Daatgal" has achieved an annual growth rate of 20%. It contributes 56% of the insurance sector’s net profit. With plans to distribute dividends from its net profits annually, the company offers valuable shares with dividend yields expected to exceed 10%."

Remarks from Bayanmunkh. B, Acting CEO of Tenger Daatgal LLC:

"We express our gratitude to the Mongolian Stock Exchange, the Financial Regulatory Commission, underwriters, legal consultants, and all parties involved in making our IPO successful. This milestone is the result of 23 years of consistent and successful operations. Over the past decade, "Tenger Daatgal" has led the sector in profitability and reputation.

Our achievements are also supported by collaborations with major international companies. Listing our shares today enables us to continue advancing in areas like health insurance for individuals and asset protection for corporations. We thank all who believe in us and our investors for trusting the future of insurance in Mongolia."

At the end of the ceremony, B.Bayanmunkh rang the opening bell and signed the memorial book of the Mongolian Stock Exchange.

MONGOLIAN STOCK EXCHANGE