Saturday, October 30, 2010

BVI-based China Technology announced termination of agreement with CTSP Group

British Virgin Islands-registered China Technology Development Group Corporation, engaged in the solar energy business in PRC to provide solar energy products and solutions, entered into an agreement with China Technology Solar Power Holdings Limited (CTSP) and its shareholders regarding the termination of its acquisition by the BVI company. Also, CTDC signed the letter of intent to continue strategic cooperation with CTSP in large scale on-grid farm projects.

China Technology Development Group entered into Stock Purchase Agreement with CTSP in October 2009, to acquire 51% equity interests of CTSP to jointly develop a 100 megawatt on-grid solar farm project located in Qinghai Province, China. According the announcement of the BVI company, it is difficult to determine the fair value of the "Delingha 100 MW on-grid solar farm project", given the Chinese government has not determined the specific subsidies and incentives for on-grid solar energy applications for Qinghai Province. For this reason, the parties have achieved mutual agreement not to proceed with the acquisition.

Mr. Alan Li, Chairman and CEO of CTDC, said that both companies will benefit from strategic cooperation in respect of designing of and research on the grid-connected solar plant. He also said that CTDC is committed to developing solar power application markets in China, Europe and the United States and to becoming a reputable solar energy application solutions provider worldwide.

Friday, October 22, 2010

Novorossiysk Commercial Sea Port called Board of Directors Meeting to Consider PTP Acquisition

PJSC Novorossiysk Commercial Sea Port (NCSP) has called a meeting of its board of directors in order to consider convening an extraordinary meeting of shareholders to approve the terms of the proposed acquisition by NCSP of 100% of the participatory interests in Primorsk Trade Port LLC from Omirico Limited, which is the only shareholder of PTP (the “Primorsk Acquisition”). Omirico, a company incorporated under the laws of the Republic of Cyprus, is jointly controlled by JSC Transneft and by companies owned or controlled by Russian businessman Mr. Ziyavudin Magomedov.

The board of directors of NCSP is also to consider bank debt financing which it proposes to obtain in order to fund a portion of the purchase price payable for the Primorsk acquisition. Each of the Primorsk acquisition and the bank financing is mutually conditional on the other. It is a condition to the Transaction that Kadina Limited will sell to Omirico 100% of the issued shares of Novoport Holding Ltd., which holds 50.1% of the shares of NCSP. Both Kadina Limited and Novoport Holding Ltd. are incorporated in the British Virgin Islands and controlled by the current controlling beneficial shareholders of NCSP. If completed, the transaction would provide for the change of control of NCSP.

The board of directors of NCSP will also make a formal determination of the cash amount of the purchase price for the Primorsk Acquisition. The purchase price for the Primorsk Acquisition to be considered by NCSP's Board of Directors has been set by the independent appraiser at US$2.153 billion, assuming net debt of PTP of not greater than RUR 10.94 billion.

The Primorsk Acquisition (PTP) is an operator at the Port of Primorsk located on the Baltic Sea to the northwest of St. Petersburg. It is Russia's largest oil port, handling approximately 30% of Russia's oil exports and approximately 37% of oil exported via Russian seaports. The acquisition of PTP will be a transformational transaction for NCSP and, once completed, it will allow NCSP to significantly increase the scale of its operations, diversify its geographic presence, reduce the volatility of cargo volumes and gain access to new transport routes.

Friday, October 15, 2010

CIC Energy enters into negotiations in respect of takeover proposal

British Virgin Islands-registered company CIC Energy Corp. made an announcement that it has agreed to enter into negotiations in respect of a proposal to acquire at least 51% and up to 100% of company's common shares, issued and outstanding, at a non-binding price of CDN$7.75 per share.

The non-binding takeover proposal was last month received by the BVI company from a multi-billion dollar conglomerate. The transaction would represent an approximate 170% premium to CIC Energy's unaffected closing price of CDN$2.87 on September 14, 2010.

CIC Energy has granted to the potential purchaser exclusivity to permit the completion of due diligence and the negotiation of a definitive binding acquisition agreement.

The company engaged Deutsche Bank Securities Inc. as its financial advisor to the Special Committee of the board of directors to assist in the assessment and negotiation of this transaction.

The BVI company did not give any assurances that it will enter into a definitive binding acquisition agreement with respect to the non-binding proposal.

Monday, October 11, 2010

Fortis Global Healthcare acquires BVI and HK subsidiaries of Hong Kong-listed healthcare company

Fortis Global Healthcare Holdings Pte Ltd. has agreed to acquire healthcare businesses of Quality Healthcare Asia Limited. Fortis Global Healthcare will acquire 5 subsidiaries of Hong Kong-listed Quality Healthcare, including British Virgin Islands-registered companies Quality HealthCare Limited and Quality HealthCare Services Limited, and Hong Kong-registered companies Quality HealthCare Medical Holdings Limited, Quality HealthCare Medical Services and Portex Limited.

Quality Healthcare Asia is the largest private integrated healthcare service platform in Hong Kong, providing medical services and allied health services. Company's businesses acquired by Fortis Global Healthcare include a network of over 60 wholly-owned medical centres, over 500 affiliated clinics, over 40 dental and physiotherapy centres and a private nursing agency.

By words of the owners of Fortis Global Healthcare Malvinder Mohan Singh and Shivinder Mohan Singh, “Quality Healthcare is a premier healthcare brand in Hong Kong. It is also Hong Kong's leading private healthcare provider.” They also said that this acquisition is an important step in creating a premier pan-Asian healthcare business.

Saturday, October 2, 2010

IJM Corp Bhd sells its stake in BVI-registered joint venture

IJM Corp Bhd announced that it has sold its 30 per cent stake in the British Virgin Islands-incorporated company Don Sahong Power Co Ltd (DSPC) to Mega First Corp Bhd for RM4.15 million. DSPC was a 30:70 joint venture company between IJM and Mega First to develop and operate the Don Sahong hydroelectric project in Laos.

According to the statement of IJM Corp Bhd, the company will get RM994,449 from the disposal. It was said that the consideration was arrived at on a willing-buyer-willing-seller basis after taking into account the time spent and cost incurred by it since 2008 in the project.