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MongoliaTelecom and MIAT On Top of Privatization List

Written by Ch.Sumiyabazar
Thursday, December 27, 2007.
The State Property Committee submitted a draft list of state-owned entities to be privatized in 2008. At the top of the list submitted to the Government, are two giant state enterprises: Mongolia Telecom and MIAT airlines, both need to go through the National Security Council after the Government. Initial talks between Mongolian and Korean sides on the privatization of the Mongolia Telecom company, which monopolizes the countryÃ¢â‚¬â„¢s telecommunication industry, has already been kicked off, and but there is no impressive progress. The Government of Mongolia proposed the acquisition of 40 percent of shares of the Korea Telecom company by the Mongolia Telecom company. The Korean side rejected MongoliaÃ¢â‚¬â„¢s approach and its seeking to undervalue the company. According to a proposal by the Ministry of Road, Transport and Tourism, the Government would keep 51 percent of the company, up to 10 percent of the shares may go to its current employees, and the rest of the shares would be sold by an international tender bid process. MIAT, which has a fleet of two leased airplanes and one outdated airplane, has over 800 employees, and is expected to be privatized within the first quarter of next year. The most important values being kept by the MIAT company are those rights to the international routes approved by the intergovernmental aviation agreements.

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