Asia Pacific Investment Partners Completes US$4 Million Convertible Note Offering

ULAANBAATAR, Mongolia, July 21 /PRNewswire/ -- Hong Kong based Asia Pacific Investment Partners Limited (APIP, http://www.apipcorp.com) one of Mongolia's leading investment operating companies, recently completed a convertible note raising approximately US$4 million, according to Mr. Lee Cashell, Managing Partner of APIP.  The round was led by a Singapore based hedge fund and also included a number of other private and institutional investors.

Founded in 2001, APIP holds market-leading positions in Mongolia's real estate development, cement, and mining industries. APIP also has interests in transportation, luxury development, and infrastructure development, and owns Altan San Securities (http://www.mongolia-investment.com), one of the country's major stock broking firms with a seat on the small but rapidly developing Mongolian Stock Exchange.

"The majority of the financing raised in the recent round will be allocated towards rapid capacity expansion of Central Asian Cement (CAC) and will be used to develop CAC's own clinker production facility as part of the company's vertical integration strategy. Additional funds will be used towards further exploration of the company's recent discovery of a large body of iron ore in a region bordering close to China," commented Cashell.  

"The boom in foreign direct investment experienced by Mongolia over the past few years is slated to grow exponentially as the development of Oyu Tolgoi, one of the largest copper mines in the world, gets underway," he added.  Oyu Tolgoi, which is targeted to begin production in 2013, is expected to create a multiplier effect across many different sectors of the Mongolian economy, increasing demand for housing, real estate services, construction, and cement, some of APIP's core businesses.

"It will be key to solidify our market share in Mongolia as foreign investment increases," noted Cashell.

The company is planning an additional capital raising exercise of USD30 million later this year as a precursor to seeking listing on a suitable exchange.

SOURCE Asia Pacific Investment Partners Limited

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