Ard Holdings

Board of Directors of the newly founded Ard Financial Group (Ard Holdings) is pleased to announce a successful acquisition of Ard Daatgal and Ard Credit from InterGroup by EIT LLC or Equity Investment Trust (formerly known as Employee Investment Trust). This merger was structured as a combination of cash and stock transfers between EIT and InterGroup making the latter the single largest shareholder in the holding company. This M&A is considered to be the largest to date in the financial services industry in Mongolia, producing a company with net asset value close to MNT 30 billion. Ard Holdings will operate primarily in the financial services industry through investments in leading industry players in Mongolia. By capitalizing on the expertise of its founders it will engage in cross-borderinvestments. Ard Holdings subsidiaries are Ard Daatgal, the nations 4th general insurance provider, Ard Credit non-bank financial company, which is pioneering into internet based micro...