Friday, October 30, 2009

First Corp. acquires through share exchange 100% of BVI-registered Acquma Holdings Limited

In the mid of October, Dematco Inc. announced that its wholly owned subsidiary Dematco Group Corp. has developed the transaction with First Corp., which was arranged in July 2009. By this transaction, Dematco has enabled First Corp to acquire through a share exchange the entire issued share capital of the BVI-registered investment company Acquma Holdings Limited. This is a significant change from the previous agreement between the companies, whereby First Corporation was to acquire only 10% of the BVI company.

The share exchange between Acquma and First Corp. is a total of four new First Corp. shares for each Acquma share, resulting in the issue of 64,437,848 new shares of common stock in First Corp. By terms of the deal, Dematco receives a total remuneration of 7,050,000 shares of common stock in First Corporation. The company has already received, for earlier arrangements between First Corp. and Acquma, 440,000 ordinary shares of the BVI company. The Acquma shares received by Dematco will convert into 1,760,000 new shares of First Corp. Upon the consummation of the agreement, the Board of directors of the BVI company will join the Board of First Corp.

First Corp. is a Colorado corporation whose activities are limited to organization and capital formation. Acquma is a private investment firm which currently owns 18.3% of a private Finnish company, Tramigo Oy Ltd. The agreement enables Acquma to establish market value for their holdings in Tramigo, as well as gives Dematco a significant boost to its balance sheet.

Tuesday, October 20, 2009

2020 ChinaCap redomiciliates to BVI and completes acquisition of WHL

2020 ChinaCap Acquirco, Inc., a public acquisition company organized as a corporation under the laws of the State of Delaware, announced on 19 October 2009 that its stockholders have approved the acquisition by 2020 of Windrace International Company Limited. 2020 had entered into a definitive share purchase agreement with WHL, which is one of the largest branded sportswear companies in China, in May 2009. Upon the completion of the transaction on October 21, 2009, WHL has become a wholly-owned subsidiary of Exceed Company limited, registered in the British Virgin Islands.

Exceed Company Limited was the wholly-owned subsidiary of 2020, with which it was merged prior to the completion of the transaction with WHL, Exceed being the surviving entity. This resulted in the redomestication of 2020 to the British Virgin Islands and change of its ticker symbol for common stock from TTY to EDS to trade on the NASDAQ.

Friday, October 2, 2009

Malaysian AMDB group purchases BVI company shares to access London property

Walleng Enterprises Sdn Bhd, the unit of Malaysian AMDB Berhad Group, has subscribed for 60% of British Virgin Islands-incorporated Westlink Global Investments Ltd., and now is planning to purchase property in London for investment purposes. According to AMDB, Westlink had entered into a sale and purchase agreement with LS Victoria Properties Ltd, in order to purchase two office buildings in Paddington, London, for 50.5 mln pound sterling. These are 146,000 sq ft of retail and office space, 94% of which is currently rented by various tenants.

On September 23, Walleng had subscribed for 60 shares of 1 sterling pound each in the BVI company, or 60 per cent at par cash. Then, Walleng had committed to provide shareholders advances of up to 13.5 mln pound sterling (RM80 mln) to Westlink. Westlink's owner AMDB Group said the subscription in Westlink was a timely opportunity having the purpose to enhance shareholders' long term value by gaining access and investing to Europe's largest and highly liquid property market in London, at the period when property values had dropped significantly.

The shareholders advances will be made from AMDB's own funds and the bank borrowings of the group. The group expects these corporate transactions to have positive effect to AMDB's future earnings from the rental income of the property. AMDB's gearing from the utilisation of available facilities for the shareholder's advance will increase from 0.18 times to 0.39 times if fully disbursed. Its unit Walleng, whose core activities are property development and investment, has a paid-up of RM2.86 mln.