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An announcement from Mongolia Energy ( (HK:0276) ) is now available.
Mongolia Energy Corporation Limited announced that its subsidiary, MoEnCo, has successfully negotiated a deferred payment proposal with the Mongolian Tax Authority (GTO), resulting in the release of its frozen bank accounts. MoEnCo made an initial payment of approximately MNT 31.6 billion to GTO, with plans to settle the remaining amount in installments over six months. The proposal includes pledging raw coking coal as security for the payments. Despite an oral ruling by the TDRC favoring GTO in a tax dispute, the company asserts that adequate tax provisions have been made, and the decision will not impact its profit and loss accounts.
More about Mongolia Energy
Mongolia Energy Corporation Limited is a company incorporated in Bermuda with limited liability, focusing on energy resources. It operates in the energy sector, primarily dealing with the extraction and sale of raw coking coal, which is a significant product in the energy market.
Average Trading Volume: 186,415
Technical Sentiment Signal: Buy
Current Market Cap: HK$116.6M
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