Mongolia Taps BlackRock to Drive State-Owned Enterprise Privatization
Mongolia is bringing in BlackRock to reshape its sprawling state-enterprise sector, just two months after signing an MoU with Franklin Templeton for a similar task.
The back-to-back deals show that Ulaanbaatar is serious about turning state assets into investable securities.
But they also highlight a problem no investment bank can fix. The government wants private-sector discipline without giving up the fiscal and political uses of state companies.
On September 9th, the government signed a memorandum of understanding with BlackRock Financial Management to explore offering a portion of state-owned enterprise shares to domestic and international capital markets through investment vehicles.
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