FRANKFURT, Dec. 29, 2011 /PRNewswire/ -- Monvest Inc. (Monvest), an entertainment, leisure and travel company that operates the National Lottery of Mongolia appointed Renell Wertpapierhandelsbank AG (Renell) as Listing Applicant Bank and market maker. Monvest is in line to become the first Mongolian Group to do a primary listing on the Deutsche Boerse's Frankfurt Stock Exchange (FWB). Renell joins Listing Partner Salans, a leading German law firm, to manage the Monvest listing on the FWB Open Market.
The Renell appointment comes as the Monvest response to a December 20, 2011 announcement by Deutsche Boerse AG to "not list any shares or certificates representing shares on the First Quotation Board any more until further notice" due to "suspected market manipulation". Renell will work with Monvest on a solution that is expected to culminate in listing on the FWB Entry Standard in first quarter 2012.
"Deutsche Boerse has made it clear that it is concerned by the level of transparency on the FQB," says Nixon Yap, Founder and Chairman of Monvest. "In response Monvest has decided to push for an Entry Standard listing on the FWB, which comes with a much higher level of transparency and reporting requirements. As the first Mongolian Group to list on FWB we must reach the highest level of standards to make investors comfortable in this difficult market environment."
Yap notes that Monvest chose Renell to support its listing program as Renell "…is a leading bank when it comes to handling FQB and Entry Standard listing transaction in Frankfurt. Renell has completed a number of listing in Asia and we are proud to work with them on this project. In addition, the Renell prowess as a market maker is most important for our share liquidity management plan."
Monvest Group commenced its National Lottery operations in mid-2011. Monvest is in the process of completing the Phase I roll-out of 150 lottery distribution outlets in the nation's capital of Ulan Bator. Another 150 lottery outlets are slated to be onstream by mid-2012. Two lottery games are already launched by Monvest, a 6D Jackpot and a 6/42 Lotto.
Listing Team Excellence
In 2010, Renell was the market leader for FQB listings with 65 cases. As a leading broker and Xetra (online trading) specialist, Renell handles 2,500 transactions daily for enterprises like Deutsche Boerse AG, Commerzbank AG, Heidelberger Druckmaschinen AG , Prada and SolarWorld AG. Renell boasts 15 Xetra market specialists for the 200 order books it manages on the FWB, 30 of which are on the Prime or General Standard.
"Asian listings have become more and more important in recent years to the FWB and we are dedicated to making these projects work," states Marc Renell. "As a family business in our own right, we understand the way Asian entrepreneurs think. We and believe that we can serve them well for all their needs in Frankfurt. Monvest is a good case in point."
In Asia, Renell has completed four Chinese listings, including Asia Growth Venture (investment company), Shang Dong Fu Yang Green Timber AG (investment company), Shanghai Cheng Beng (auto accessories) and Jufeel Heng Chang Precious Metal Renewable Resource AG (investment company). Two of the largest projects Asian were for Sejong Investment PLC of South Korea and Vasseti (UK) Plc. of Malaysia.
Renell has a global presence with admittance to some 85 stock markets worldwide. In clearance and settlement, Renell works closely with BNP Paribas, the sixth largest bank in the world.
Frankfurt Capital Market
Frankfurter Wertpapierboerse (FWB), also known as the Frankfurt Stock Exchange, is one of the world's largest securities trading centers with a tradition that dates back over 400 years. With a share in turnover of more than 90%, it is the largest of Germany's seven stock exchanges. Deutsche Boerse AG operates the Frankfurt Stock Exchange.
FWB is the world's third largest trading exchange, ranked only behind the New York Stock Exchange (NYSE) and NASDAQ. Frankfurt Stock Exchange is home to public companies from over 80 different countries with companies from North America making up almost 40% of the total listings, including over 3,200 from the US alone. More and more companies from countries like the US, Canada, Australia, the UK, India, China choose FWB over their home country's stock exchange.
"Frankfurt is a logical step for Monvest to bring its story to the global investment community," added Yap. "We see FWB as a steppingstone into the European capital market, and, despite the recent economic ills, there is no denying that Europe boasts one of the world's largest pools of capital. European investors also have a historic global outlook that allows them to embrace countries like Mongolia."
Monvest, Inc. was incorporated in the US to invest in entertainment, travel and leisure businesses. The focus of Monvest is to develop operations in Mongolia, where it owns and operates the National Lottery. In Mongolia, Monvest companies include Modern Capital Vest LLC, a lottery management company, and BizINVIN LLC, holder of the National Lottery license.
For more information please contact:
David Lake, GCC Capital Markets
Disclaimer : This press release and information contained therein are not to be interpreted − regardless of whether in Germany or abroad, and especially not in the US, Canada or Japan − as an offer or an invitation to purchase shares in Monvest Inc. or in any other listing vehicle Monvest group may choose for its planned listing in Germany. This press release is of a purely informative character. The information contained is directed exclusively at persons and companies with their place of residence or business in Germany. In connection with the planned listing in Germany, shares in Monvest Inc. or in any other listing vehicle Monvest group may choose for its planned listing in Germany, will not be publicly offered to investors in Germany or other countries in any instance, especially not to those in the US, Canada or Japan.
SOURCE Monvest Inc.