Mongolian Market Updates | February 18, 2025

🌄 Good morning!

A Historic Milestone for Mongolia’s Financial Sector! Find out more in this week's issue.

🗞️ In this week’s newsletter:

• Market Update

• Client News

• Market News

🟣 Market Update

Invescore Financial Group Limited [LSE:ICFG] is now listed on the Main Market of the London Stock Exchange! This marks a significant achievement as the first Mongolian financial company to be listed on the London Stock Exchange (LSE)—a significant step forward for both ICFG and Mongolia’s broader financial sector. Founded in Mongolia, ICFG has expanded across Central Asia, now operating in eight countries with 14 subsidiary companies spanning microfinance, investment banking, real estate, and IT & AI technology. This diversified approach enables ICFG to deliver innovative financial solutions tailored to emerging markets.

For ICFG, this milestone unlocks new opportunities for growth, leveraging its strong position in microfinance and cutting-edge technology to build a scalable, competitive business model that redefines financial accessibility in emerging economies.

But this listing isn’t just about ICFG—it paves the way for non-mining Mongolian companies to access global capital markets, setting a precedent for future international expansion.

Key Highlights:
✅ Reverse Takeover Listing: ICFG Pte. Ltd. acquired by Fintech Asia Limited, which will be renamed ICFG Limited.
✅ New Share Issuance: 177,840,000 new ordinary shares issued, bringing total issued shares to 203,957,116 post-acquisition.
✅ Issue Price: £0.64 per ordinary share
✅ Market Capitalization (upon Admission): £130.5 million
✅ Controlling Shareholder: Ankhbold Bayanmunkh to hold 35.75% of shares post-admission and serve as Executive Chairman.

Congratulations to the entire team on this incredible achievement! 🎉

🟣 Client News

GOLOMT BANK JSC TO DISTRIBUTE ₮100 PER SHARE FROM ITS 2024 NET PROFIT.

Golomt Bank has set a higher dividend rate to increase its payouts from 2023 while continuing to expand its operations and pursue a growth strategy in 2025, all while maintaining a stable capital adequacy ratio.

Additionally, the bank plans to raise additional capital by offering its shares to instituonal investors in international capital markets and is exploring other potential avenues for capital expansion.

🏛️ Market News

• Khan Bank JSC [MSE:KHAN] declared an annual cash dividend of ₮195.35 per outstanding share.

• Innovation Investment JSC's [MSE:QPAY] annual net income reached ₮10 billion and declared a cash dividend from the second half of year net income ₮20 per outstanding share, which is a total of ₮3.7 billion.

• Makh Impex JSC [MSE:MMX] declared a cash dividend per share ₮100, and Gutal JSC [MSE:GTL] declared a cash dividend per share ₮2470.

• MGL Aqua JSC [MSE:MGLA] declared a cash dividend per share ₮7.41 from their 2024 annual net income.

• Monlogistics Holding JSC [MSE:MLG] approved a 4.8 million shares buyback program until the end of 2025. The company will buy back its stock at a maximum price of ₮210 per share.

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🟣CMM Services

Capital Markets Mongolia (CMM) specializes in providing strategic advisory to public companies on optimizing investor relations (IR) and advising on upcoming IPOs, bond issuances, and effective participation in the capital markets with a focus on efficiency and reputation. Additionally, we undertake market research and provide financial PR services.