We are extremely pleased with our ability to raise significant levels of capital, from both inside and outside Mongolia, during a challenging economic time in the Mongolian economy. The commitments we received from existing shareholders and new investors
hong kong (PRWEB) June 05, 2014
The Directors of Asia Pacific Investment Partners (the “Company”) are pleased to announce the successful placing of the Series C Convertible Note to a number of institutional and sophisticated investors across Asia, Europe and the US. Total proceeds raised from the Convertible Note to date are US$4.23mm.
In addition, the Company is pleased to announce the successful raise of US$8.4mm of debt financing from TDB Bank.
Commenting on the news, Lee Cashell, CEO of APIP said:
We are extremely pleased with our ability to raise significant levels of capital, from both inside and outside Mongolia, during a challenging economic time in the Mongolian economy.
The commitments we received from existing shareholders and new investors demonstrates that Asia Pacific Investment Partners remains one of the leading conglomerates in Mongolia.
The Series C Convertible Notes mature in 2016 but automatically convert into shares in the event of an IPO. As we have mentioned in the past, we continue to evaluate the best option among the regional exchanges, including Hong Kong and Singapore.
We are excited for the future, and this fundraising positions us perfectly to capitalise on the vast opportunities we see in the Mongolian market at the moment.
The Company intends to use the funds to complete the construction of the Olympic Residence project, a 35,000 sqm luxury residential and commercial development in the heart of Ulaanbaatar. Funds will also be provided to APIP’s subsidiary companies, Central Asia Cement and Diamond Finance, supporting their continued expansion.
Asia Pacific Investment Partners is an independent Mongolia focused operating group that has a range of subsidiaries primarily engaged in property development, financial services and cement production.
APIP has a very strong asset base, which includes one of the largest and most highly valued land banks in the country and the only cement producing facility in the capital. This enables APIP to be exceptionally well positioned to take advantage of what many multinational institutions expect will be the fastest growing economy in the world over the next five years.
Founded in 2001 by American venture capitalist Lee Cashell, APIP has been profitable every year since its inception and is regarded as one of the most transparent private companies in Mongolia. APIP has been audited by Ernst & Young for a number of consecutive years and is planning to seek a listing on a major exchange in the near future.