As reported by the Telegraph, Asia Pacific Investment Partners (APIP), a company which develops property, manufactures cement, and runs real estate agencies, announced that it will be listed on the London Stock Exchange’s junior market, the Alternative Investment Market (AIM), in December.
APIP has developed and sold luxury homes and shopping malls in Mongolia. It said it plans to use funds from the IPO to expand its portfolio, to cater to the growing number of middle class buyers, and hopes to start offering mortgages.
APIP was founded 15 years ago by Lee Cashell and his wife Tsendsuren Bordukh, who is president of the company. It was started in order to provide homes for the growing expat community that moved to Mongolia for jobs in mining and other industries.
Cashell said, “We believe the group is now well positioned to capitalize on the strong growth opportunities of the Mongolian economy.” With 50 percent of Mongolia’s population under the age of 25, and 60 percent still living in gers, the company is betting on increasing lev- els of urbanization and demand for more modern styles of housing.
The company will also look to expand to Myanmar and 15 other frontier markets. “Our research driven model provides us the insights necessary to take advantage of future opportunities in frontier markets,” said Cashell.
Cashell said he had planned to float the company on the Hong Kong stock exchange in 2014. The company has sales offices in London, Singapore, and Hong Kong.