Mongolia Growth Group Ltd. (“MGG”) (YAK ‐ TSXV) or (“the
Company”) today announced that Paul Byrne has been appointed as
Chief Executive Officer (“CEO”) of Mongolia Growth Group. Harris
Kupperman will remain actively involved in the oversight of the
company, as he transitions into the newly created role of Executive
Chairman.
Paul Byrne, the newly appointed CEO of
Mongolia Growth Group Ltd. (Photo: Business Wire)
Mr. Byrne has nearly three decades of experience with real
estate developments and investment portfolios, various consortia
and joint venture projects, combined with organizational leadership
experience at the highest levels of market leading property
companies in both the private and the public sectors.
Most recently, Mr. Byrne served as a Board Member and Chief
Executive Officer of Majid Al Futtaim (MAF) Properties,
headquartered in Dubai, a US$6 billion property company with
developments and property assets in 10 countries. The MAF portfolio
includes; 4 million square meters of land for mixed use
developments, 11 hotels and resorts, 16 major shopping malls
including the iconic “Mall of the Emirates” with its famous indoor
ski slope and a subsidiary in the property funds management
business. While at MAF, Mr. Byrne led the organizational expansion
plan to develop 10 retail malls, 8 hotels / resorts and 6 major
mixed-use developments, across several of the company’s operating
regions, most of them emerging markets.
“While in Dubai and the MENA Region, I witnessed how the
resource wealth of the Gulf created robust and sustainable consumer
spending. In addition, I observed, how being a pioneer in high
quality retail and commercial properties allowed MAF to unlock
pent-up consumer spending in previously untapped markets. It seems
inevitable that Mongolia will witness a confluence of these two
trends. I am keen to use my emerging markets experience from much
larger companies, together with my capital raising experience to
ensure that MGG can substantially leverage the coming wave of
growth in Mongolia,” said Paul Byrne, the newly appointed CEO of
MGG. “I have spent this past quarter in Mongolia as a corporate and
property advisor to MGG and believe that the existing property
assets and developments, management team and public company
structure are the ideal platform for building a leading and
dominant commercial property company in Mongolia.”
Upon being appointed as CEO, Mr. Byrne has agreed to make a CDN
$250,000 investment in the shares of the Company (125,000 shares at
a price of CDN $2.00) in a private placement. In addition, the
Board of Directors of MGG has agreed to grant Mr. Byrne 531,000
5-year stock options with an exercise price of CDN $1.90 as part of
his annual compensation.
“When we first established MGG, we always envisioned that one
day, we would progress to a point where someone like Paul could see
the potential of our company and want to lead it as we embark on
the second phase of significant growth,” said Harris Kupperman,
newly appointed Executive Chairman. “I intend to remain actively
involved in MGG and work in parallel with Paul on company business
development initiatives.”
“I see Mongolia Growth Group as a highly effective and leveraged
way of gaining exposure to the rapid growth of the Mongolian
economy,” said Mr. Byrne. “I believe in the future growth of the
Company and have asked that the majority of my annual compensation
be in the form of long-dated stock options. In addition, I have
made a significant equity investment in MGG, as I believe that
senior leadership should always own shares in any enterprise that
they are operating for shareholders.”
Mr. Byrne’s specific expertise includes; establishing new
businesses, creating company vision and strategy, organizational
restructuring, property acquisitions and development,
infrastructure development, private and public partnerships, major
joint ventures, town planning and sites master planning, marketing,
leasing, design and construction, investment management, asset and
facility management, capital markets and funding, recruitment of
leadership and management teams. This expertise has been leveraged
across; major mixed-use development projects, regional retail
malls, office towers, hotels and resorts, residential apartment
towers, master planned community estates and infrastructure
projects, including new airports and associated rail.
Mr. Byrne has held various leadership positions with some of the
world’s highest profile property organizations and will be
instrumental in leading MGG on the next phase of its significantly
scaled growth.
Mr. Byrne spent eight years leading all commercial real estate
development activities at the new Hong Kong International Airport,
which include 35 commercial projects, totaling approximately US$3.2
billion. Projects covered areas including retail, new office
towers, hotels, aviation properties, buildings and facilities.
As Client Representative for the New York Port Authority in
planning the redevelopment of the new World Trade Center and Rail
Terminal hub, a world renowned mixed-use real estate development
(approximately US$12 billion).
As a Board Member and President / Chief Operating Officer of Red
Mountain Retail Group, a real estate investment and development
company across the United States, where Mr. Byrne restructured the
company to lower costs and increase functional efficiency.
Simultaneously, he refocused the company on growth markets in the
U.S., while disposing of non-core assets in less attractive markets
that were not relevant to the group’s new vision and strategy. In
addition, Mr. Byrne was instrumental in capital raising initiatives
that resulted in the company growing from 75 to 105 properties and
from US$1.25 billion to nearly US$3 billion in total assets.
Over the course of Paul’s career, he has successfully overseen
initiatives that have raised approximately US$10 billion in
combined debt and equity.
The Private Placement is considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
(“MI 61-101”). The Private Placement is exempt from the formal
valuation requirement and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the
securities to be distributed in the Private Placement nor the
consideration to be received for those securities, insofar as the
Private Placement involves Mr. Byrne, exceeds 25% of the
Corporation’s market capitalization.
A material change report is being filed on SEDAR concurrently
with this press release as it is desirable to have the share
subscription completed concurrently with the announcement and
appointment of Mr. Byrne as CEO. The Corporation did not file a
material change report more than 21 days before the closing of the
Private Placement, as details of the Private Placement were not
settled until shortly before the closing of the Private Placement
and the Corporation wished to complete the Private Placement on an
expedited basis for sound business reasons.
For more information about Mongolia Growth Group, please visit
the Company’s website at www.MongoliaGrowthGroup.com
Mongolia Growth Group Ltd. is a publicly
traded and leading property investment and
development company in Ulaanbaatar, Mongolia. MGG owns an extensive
property portfolio, in diversified segments of the property market,
with an emphasis on institutional-grade commercial assets.
MGG undertakes its own property acquisitions, develops
brownfield land assets and repositions outdated properties, relying
on in-house services for all facets of both the investment
portfolio and development side of the business. In addition, MGG
acts as a full-service third party provider for institutional
clients and tailors transactions covering acquisition-to-suit,
build-to-suit, as well as refurbish-to-suit, for property owners
and major tenants.
Forward-looking Information and Statements
Information and statements contained in this news release that
are not historical facts are “forward-looking information” within
the meaning of applicable Canadian securities legislation and
involve risks and uncertainties. Forward-looking information and
statements contained in this news release include information with
respect to our intention to move forward into the construction of
international standard properties in Mongolia.
Forward-looking information is necessarily based upon a number
of assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. MGG cautions the
reader that such forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to: risks
associated with investment in and development of real property in
Mongolia; competition, financing and refinancing risks; risks
related to economic conditions; risks related to regulation of the
real estate business in Mongolia; political risk in Mongolia;
changes in Mongolian taxation rules; reliance on key personnel;
environmental matters; tenant risks; and other risk factors more
particularly described in MGG's filings with Canadian securities
regulators, which filings are available at www.sedar.com.
Additional risks and uncertainties not presently known to MGG or
that MGG currently believes to be less significant may also
adversely affect MGG. Forward-looking information is designed to
help you understand management’s current views of our near and
longer term prospects, and it may not be appropriate for other
purposes. MGG does not undertake any obligation to update or revise
forward-looking information, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
The TSXV has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140303006009/en/
For Mongolia Growth Group Ltd.Shepard Doniger, 561-637-5750
Mongolia Growth (TSXV:YAK)
過去 株価チャート
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Mongolia Growth (TSXV:YAK)
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から 4 2024 まで 4 2025
