Corporate shareholder trims stake in Mongolian Mining

One of Mongolian Mining Corp’s MMC biggest shareholders last night raised HK$633.8 million $82 million from the sale of a 2.3% stake in the company. The sale, which was arranged by Macquarie, comes a couple of weeks after the Hong Kong-listed Mongolian coking coal company said that its net profit almost doubled last year as it ramped up production. It also follows a gain of about 37% in the share price so far this year.

However, the deal had to contend with a sell-off in European stocks during the bookbuilding as investors worried about the growth implications from a fall in a eurozone purchasing managers’ index as well...