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Mongolia Growth Group Ltd. Publishes July 2013 Monthly Letter to Shareholders
Mongolia Growth Group Ltd. Publishes July 2013 Monthly Letter to Shareholders Ulaanbaatar, M...
About this update from Mongolia Growth Group Ltd.
[{"type":"text","content":"Mongolia Growth Group Ltd. Publishes July 2013 Monthly Letter to ShareholdersMongolia Growth Group Ltd. Publishes July 2013 Monthly Letter to Shareholders\nUlaanbaatar, MONGOLIA, August 23, 2013 /FSC/ - Mongolia Growth Group Ltd. (YAK - TSX Venture),is pleased to announce the release of its July 2013 letter to shareholders.\nJuly 2013 Shareholder Letter\nTo the Shareholders of Mongolia Growth Group Ltd.,\nDuring the month of July, MGG disposed of 2 assets representing approximately 11.4% of the total value of assets that we have been looking to dispose of. We anticipate that we will complete a number of additional sales in the next few months. We did not purchase any assets during the month of July. \nSome of you may be unaware, but the vast majority of the buildings in Ulaanbaatar are heated from a central grid system using steam. Recently, the city of Ulaanbaatar announced that there will be a moratorium on new heating permits for commercial buildings while some recently issued heating permits will be cancelled. This is due to an over-taxing of the existing heating system due to the rapid expansion of the city. While this will not impact us, as all of our buildings already have their heating permits, it will clearly impact people who are looking to build new buildings over the next few years. \nThe Amgalan \"Thermal Only\" Power Plant, and Fifth Thermal and Electricity Power Plant are planned for completion in winter 2015 and winter 2016 respectively.  These additional facilities will fix the heating shortage issues facing the capital city. However, until these facilities are completed, we do not anticipate many new commercial buildings getting heating permits. From a supply standpoint, this will likely serve to further amplify the already severe shortage of usable commercial space in Ulaanbaatar. \nAt MGG, we have been planning certain renovation projects to reduce our own heat usage. We want to be seen as promoting lower energy consumption as it helps the environment and also as it helps the city to deal with the severe lack of spare heating capacity. Starting in August, we will be modifying certain heating equipment in seven of our buildings which will entail replacing obsolete equipment with modern Danish apparatuses. These fully computerized modern systems will maximize the heating system efficiency and eliminat...