Wednesday, December 31, 2008

The richest man in Romania builds a stake in the property investment trust via BVI holding

The specialist property investment trust Fabian Romania accepted an all-cash offer for its entire share issue at a premium of 93.2% over the current price. The offer, which now remains at a large discount to the most recent company estimates on portfolio net asset value, was made by Dinu Patriciu, chief executive of Rompetrol and the richest man in Romania. Patriciu has built a 25.4% stake in the trust via a British Virgin Islands holding company. The trust is small and niche, extremely well-held by blue-chip investors; the offer values the current portfolio of completed and development property at €50.8 million (£47.49 million).

Director of Fabian Romania Mark Holdsworth said that after this deal their shareholders have the opportunity to realise their investment in Fabian Romania for cash at a substantial premium to the prevailing share price, at a time of considerable economic uncertainty.

Sunday, December 28, 2008

Strategic Oil & Gas Ltd. acquires full stock of BVI-registered Gabon Kiarsseny

Canadian company Strategic Oil & Gas Ltd. announced that it has entered into an agreement with the purpose to acquire all the shares of a private company whose sole asset is a leased interest in an oil and gas exploration permit off-shore of Gabon. The deal has to be approved by TSX Venture Exchange.

On October 3, 2008, an agreement was signed between Strategic Oil & Gas Ltd. and Greenfields Petroleum International Company Ltd. and African Petroleum Development Limited, registered in the British Virgin Islands, pursuant to which Strategic Oil & Gas Ltd. will issue 25,000,000 common shares at a deemed price of $0.46 per share, in exchange for the full interest of a newly incorporated private British Virgin Islands company Gabon Kiarsseny Marin Ltd., owned by Greenfields Petroleum International Company Ltd.

BVI-registered African Petroleum will have a controlling interest in Strategic Oil, upon receipt of approximately 15,000,000 of the common shares which will be issued pursuant to this transaction.

The only asset of the BVI company Gabon Kiarsseny is a farm out agreement with Tullow Oil Gabon SA, in respect to a 33.25% interest in the farmout lands with Tullow, retaining already possessed 14.25% working interest. The assignment to Gabon Kiarsseny is subject to the approval of the Gabonese government, and subject to the right of the Gabonese government to acquire a 5% working interest in the project, which would reduce all of the working interest partners on a pro rata basis.

Strategic is a junior oil and gas company which has producing properties located in Northeast and Central Alberta. Currently Strategic has a domestic 4 well drill program planned for the next 6 months.

Friday, December 19, 2008

Euro Tech Holdings announces stock repurchase

BVI-registered Euro Tech Holdings Company Limited announced that its Board of Directors has approved a program to repurchase up to 300,000 shares of its issued and outstanding stock by the end of December, 2009.

The repurchase program will allow Euro Tech to buy the stock in the open market, or through negotiated or block transactions from time to time based on market and business conditions over the next 13 months.

T.C. Leung, Chairman and CEO of the BVI company, stated that the Board has a high degree of confidence in Euro Tech's future. He said the Board believes it is an appropriate investment of Euro Tech's excess cash, and that after the repurchase the company will have cash on hand for its day-to-day operations and planned projects.

Wednesday, December 10, 2008

HK-based Hutchison Group sells its stake in Kasapa Telecom to the BVI company

The HK-based Hutchison Telecom, which is the owner of Kasapa Telecom, has sold its interest in the company to the British Virgin Islands-based holding EGH International Limited, owned by Expresso Telecom Group in Dubai. Hutchison already indicated his intention to sell its shares to EGH Limited, when on January 7, 2008 it entered into an agreement with this BVI company. It is known that the cash price of the stake in Kasapa Telecom made HKD584 mln (USD75 million).

The sale has the form of the sale of Kuwata Limited, which holds the Hutchison's group indirect interests in the Ghana Business. In the annual report of the Hutchison group for the year 2007, it is said that with the conversion to a GSM business in Vietnam, reorganization of the group's operations in Thailand and the impending sale of the operations in Ghana it “has taken positive action to address the most pressing challenges facing the Hutchison Group”.

In 2008 Hutchison plans to invest HK$7 billion in the existing businesses, and seek opportunities to deploy $35 billion cash resources to expand the Group's footprint. The company currently has about 50% of its total assets in cash, and it plans to add 412,000 subscribers to its base in the last quarter taking it to 2,039,000.

The deal with the BVI company is part of a wider move by Hutchison to divest (sell) certain CDMA-based businesses, and concentrate fully on its subsidiaries that are globally operating GSM networks.

Monday, December 1, 2008

Alyst Acquisition Corp. purchases BVI-registered China Networks Media Ltd

In a press release published 2 months ago, a special purpose acquisition company Alyst Acquisition Corp. announced that on August 13, 2008 it signed an agreement and plan of merger to acquire all of the issued and outstanding shares of the British Virgin Islands-registered China Networks Media Ltd. As part of the transaction with the BVI company, Alyst Acquisition Corp. is planning to redomiciliate to the British Virgin Islands by merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also based in the BVI. The redomiciliation must be done immediately prior to consummating the transaction with China Networks.

The BVI-registered China Networks Media owns and is acquiring broadcast television advertising rights in the People's Republic of China. In connection with the proposed merger with the BVI corporation, Alyst expects to file with the SEC a preliminary proxy statement and registration statement on Form S-4.