Mongolia Growth Group Ltd. Agrees to Sell Shares of Mandal General Insurance to UMC Capital - MarketWatch: "Ulaanbaatar, MONGOLIA, May 16, 2012 (Filing Services Canada via COMTEX) -- Mongolia Growth Group Ltd. (YAK - CNSX),MGG is pleased to announce that it has agreed to and signed a binding term sheet agreeing to sell shares of Mandal General Insurance (MGI) to UMC Capital, the operators of MGI, at a purchase price equivalent to MGG's original funding cost in June of 2011. Following the closing of this transaction, UMC Capital and MGG will respectively own approximately 16% and 84% of Mandal's currently outstanding shares. In addition, UMC Capital will retain the right to purchase an additional 25% of Mandal at the higher of stated book value or funding cost. The transaction is subject to regulatory approvals in Mongolia."
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