Friday, November 20, 2009

BVI-based CTDC acquires majority stock of solar power plant business

China Technology Development Group Corporation, an integrated clean energy company headquartered in China and registered in the British Virgin Islands, entered into a Stock Purchase Agreement with China Technology Solar Power Holdings Limited (CTSPHL Group) and its direct and indirect shareholders to acquire a 51% equity interest and become its major shareholder.

CTSPHL Group, through its wholly-owned subsidiary, is involved in developing a 100MW grid-connected solar power plant project located in Delingha City, Qinghai Province, Northwestern China. The Group has obtained a 25-year operating license for the first phase of the Delingha 100MW Solar Project, consisting of 10MW. Construction on the first phase commenced on 28 September 2009 and is expected to be completed by the end of 2010.

Upon closing the transaction, the BVI company will develop the solar project jointly with CTSPHL Group. CTDC expects that its co-development of the project will help to achieve its goal and to become an integrated solar company with strong capabilities in designing, building and operating solar power plants.

Monday, November 9, 2009

BVI company acquires 62% control of Dionics, Inc

Dionics, Inc., the company manufacturing semiconductors and micro-electronics, announced selling of 62% interest in it to the new investor, British Virgin Islands-registered Central Mega Limited (CML). The BVI company purchased a total of 13 million shares of common stock of Dionics; of this amount, 11 million shares were newly-issued shares purchased from the company. Additional 2 million shares were purchased from company president Bernard L. Kravitz who also signed a two-year employment contract to continue as president and CEO.

All the shares had the price of US$.04 per share, resulting in an initial investment of US$440,000 capital in Dionics, Inc. by CML. This investments are intended to support both current operations as well as future growth.

By words of company's president, Dionics will get entry to the larger markets for its leading product with the help of BVI company's marketing and manufacturing contacts in Asia, and particularly in China.

Tuesday, November 3, 2009

China Medicine Corp. acquires Chinese pharmaceutical manufacturer through BVI company

In the end of October, China Medicine Corporation announced that through its wholly-owned Chinese subsidiary Konzern Pharmaceuticals, it has signed an equity transfer agreement to acquire 100 per cent equity interest in the British Virgin Islands corporation Sinoform Limited, for a cash payment of US $8.3mln and the assumption of US$13.2mln in debt . The BVI company purchased by China Medicine is the sole shareholder of Guangzhou LifeTech Pharmaceuticals Co. Ltd. , which is a developer, manufacturer and marketer of pharmaceuticals products, headquartered in Guangzhou.

The deal is expected to close on or before December 31, 2009. Upon closing the acquisition, China Medicine will obtain Life Tech’s assets, appraised at US$25.5mln. . Top-selling drug of acquired BVI company’s subsidiary LifeTech, Houerhuan Xiaoyan Capsules, is projected to account for 66% of LifeTech's annual sales in 2009 and has a gross margin of 60-70%.

Under the terms of the Transfer Agreement, China Medicine will pay approximately US$0.549mln of the cash purchase price and make a repayment of US$7.3mln of Life Tech’s debt upon the execution of the Agreement; the Chinese company will pay additional US$3.7mln upon the approval of the transaction by the foreign trade bureau. The remaining balance of the purchase price will be made on or before June 30, 2010.

Guangzhou LifeTech Pharmaceuticals Co. Ltd. is a developer and manufacturer of pharmaceutical products with focus on natural-source vascular, anti-inflammatory, women's health and other TCM and Western medicine products. China Medicine Corporation is a company involved in development and distribution of pharmaceuticals and traditional Chinese medicines, nutritional and dietary supplements, medical devices and medical formulations, nutritional and dietary supplements.