Sunday, September 28, 2008

Encorium announces the termination of merger agreement with the BVI company

Encorium Group, Inc., a full service multinational clinical research organization making studies for world's leading pharmaceutical and biotechnology companies, announced that it has entered into an amendment to its letter of intent with Prologue Research International, Inc. Pursuant to the amendment, the company will acquire full stock of the oncology-focused clinical research company for approximately US$11.75 million, consisting of US$500,000.

Encorium also announced the termination of negotiations with Fine Success Investments, Ltd. - the British Virgin Islands company doing business as Linkcon. The non-binding letter of intent to merge Linkcon (BVI) and Encorium was signed in June 2008, and it was planned that the BVI company will add US$11 million in annual net revenue to Encorium. The reason for this is that in the course of negotiations between the companies the terms of the proposed merger changed materially to the detriment of the company and its shareholders, since the term sheet with respect to the business combination was executed on June 12, 2008.

As a result of the above circumstances, on September 3, 2008 the Board of Directors decided to terminate negotiations with Linkcon and position Encorium to follow its own growth strategy.

Sunday, September 21, 2008

BVI-registered Qiao Xing announces Share Repurchase program

On September 2, 2008, BVI-registered company Qiao Xing Universal Telephone, Inc. (XING) repurchased US$25 mln of convertible notes from the investors - DKR SoundShore Oasis Holding Fund Ltd and CEDAR DKR Holding Fund Ltd. Upon the investors' request, the BVI company made available and wired USD$25 mln to them, within two weeks as of the Redemption Date. By words of Mr. Wu Ruilin, Chairman of XING, despite of the redemption the company still has sufficient cash to cover current operations.

Also, the board of directors of company's BVI-based subsidiary Qiao Xing Mobile Communication Co., Ltd. this week approved a share repurchase program. Under the terms of this program, Qiao Xing Mobile may repurchase up to an aggregate of US$20 mln worth of its issued and outstanding shares from time to time in open-market transactions on the NYSE Euronext. The BVI company expects to implement this program over the next 12 months.

Tuesday, September 16, 2008

Yucheng Technologies announced the formation of Elegon, a joint venture with 3i Infotech

Yucheng Technologies Limited, the company registered in the British Virgin Islands and engaged in providing IT services to the Chinese banking industry, announced in the end of August the formation of Elegon Infotech Limited, a joint venture with an Indian company 3i Infotech Limited, which will be the first significant Sino-Indian joint venture in the Chinese financial technology sector.

Elegon will focus on localizing financial technology software from 3i Infotech, including internationally renowned insurance, banking and securities software platforms, to meet the needs of China's diversified financial services sector.

Due to the high degree of complementarity with its existing solutions, Yucheng will be able to cross sell Elegon's products to its existing client base, and expand into new markets, such as insurance and securities sectors.

Elegon, Ltd. is owned 51% and 49% by 3i Infotech and Yucheng, respectively. Commenting on the development of the joint venture, Mr. Weidong Hong, CEO of Yucheng Technologies Ltd, said, “Our goal is to develop solutions that support the financial services sector in China. When 3i Infotech approached us about localizing and exclusively distributing their internationally recognized software in China, we knew this was an opportunity to diversify our service offering and expand into new client bases. We are pleased to be working with such a globally recognized partner."

Monday, September 8, 2008

BVI company Gek Seng raises its stake in education group Inti Universal Holdings

Gek Seng Assets Ltd, the company registered in the British Virgin Islands and headquartered in Malaysia, announced raise of its shareholding in education group Inti Universal Holdings BHD to 7.73%, or 15.92 mln shares. The BVI company had acquired an additional stake of 2.56%, or 5.4 mln shares in the open market of Bursa Malaysia on August 21.

The BVI company acquired more shares in Inti Universal Holdings just some days after Inti's major shareholder Inti Supreme Holdings Sdn Bhd completed the sale of its entire 51.19% equity interest, or 105.5 mln shares, to Future Perspective Sdn Bhd.

On August 20, Future Perspective had served a notice of unconditional takeover for the remaining shares in Inti Universal, at RM1.20 per share.

Wednesday, September 3, 2008

Final terms for acquisition of the BVI company Rainbow Trend Limited

Amicus Capital Corp. announced that it had agreed to amend the terms of its Qualifying Transaction with the BVI-domiciled Rainbow Trend Limited. The letter of intent concerning this transaction, which includes a proposed share consolidation of Amicus' common shares, was signed in May 2008. On August 14, 2008, Amicus signed share exchange agreement with the Rainbow, according to which it will acquire all of the outstanding shares of the BVI company.

Rainbow (BVI) holds a 55.6% equity interest in Sino-Canadian joint venture Beijing Polo Biotech Co. Ltd. Polo Biology Science Park Co. Ltd. holds the balance of the 44.4% equity interest in Polo JV, which develops and manufactures nutritional health supplements and personal care products in Asia, distributing them through a network of retail outlets, managed by licensed agents.

By the terms of the acquisition transaction, after the consolidation of Amicus' common shares, the Canadian company will acquire the full stock of the BVI-based Rainbow, which makes 50,000 shares currently issued and outstanding. For purposes of the acquisition, Rainbow was valued at US$18mln, and based on this evaluation each common share of Rainbow was valued at $360. In exchange for each issued Rainbow share, Amicus will issue 720 post-consolidated common shares; the total amount of post-consolidated common shares will be 36 mln. Also, Amicus will issue a public offering of 7,000,000 post-consolidated Common Shares at a price of $0.50 per share for gross proceeds of $3.5 million.

After the approvals of the Chinese government are obtained, the parties have agreed to use the net proceeds of the offering to increase Rainbow's ownership of Polo JV up to maximum of 90%.

The Canadian corporation currently has 9,000,000 common shares, and they will be subject to the share consolidation before closing of the offering. The founders of the corporation, which hold 4,000,000 common shares, have also entered into a support agreement with Rainbow, under the terms of which they have agreed to vote their common shares in favour of the acquisition including the share consolidation.

The acquisition is to be completed on or before December 1, 2008, otherwise the terms of the share exchange agreement will be terminated. If the acquisition does not complete by this period due to the fault of Rainbow, the BVI company will have to pay a break fee to Amicus corporation, in the amount of US$540,000.