Business
Mongolia Growth Group Ltd. Publishes February 2013 Monthly Letter to Shareholders
Mongolia Growth Group Ltd. Publishes February 2013 Monthly Letter to Shareholders Ulaanbaata...
About this update from Mongolia Growth Group Ltd.
[{"type":"text","content":"\nMongolia Growth Group Ltd. Publishes February 2013 Monthly Letter to Shareholders\n\nMongolia Growth Group Ltd. Publishes February 2013 Monthly Letter to Shareholders\nUlaanbaatar, MONGOLIA, March 26, 2013 /FSC/ - Mongolia Growth Group Ltd. (YAK - TSX Venture),is pleased to announce the release of its February 2013 letter to shareholders.\nFebruary 2013 Shareholder Letter\nTo the Shareholders of Mongolia Growth Group Ltd.,\nFebruary was a month of somewhat reduced activity in Mongolia due to the Tsagaan Sar holiday. That said, we have continued to sign new leases on our two recently renovated office buildings and expect to start to see generous revenue increases by the month of March. \nAt MGG, we are rarely inactive and we have used the winter slowdown to make the necessary preparations for a sizable renovation campaign during this summer. To start with, we intend to upgrade the fire suppression systems in a number of buildings while also completing maintenance overhauls which should save us substantially in terms of recurring maintenance expense in the future. \nIn terms of improving the revenues of our properties, we are looking at adding a vertical extension to one property and are waiting on permissions for a second such renovation project. Finally, we are looking to upgrade a number of our street level retail store-fronts. We have now found that if you replace the brick walls facing the street with glass windows, you can increase the rents that you receive by about a third, at the expense of less than ten percent of the total property cost-naturally we are big fans of such renovations. During the past two years, we have undertaken a few such renovations and we hope to undertake some more substantive ones in 2013 now that some legacy leases have expired. \nFinally, we are still actively exploring a number of projects that would entail much more substantial work, should we acquire them. \nFebruary also marked the two year anniversary of our company. Naturally, we are all very proud of the progress that we continue to make at MGG. From a standing start with just 2 employees, we have grown to 98 employees, of which 90 are Mongolian. In addition, we have built a company with unique property and insurance assets that should have leverage to the growth of the Mongolian economy.\nJust as importantly, we are proud to report that ...