Tuesday, August 30, 2011

Russian steel company acquired full stock of the BVI company

OJSC Magnitogorskiy Metallurgicheskiy Kombinat (MMK), which is one of the largest world steel manufacturers leading in Russia's iron and steel industry, became the owner of 100% of shares of Great Plans Company Limited, incorporated under the British Virgin Islands law. The statement regarding the establishment of the affiliated company and in respect of termination of the basis of control over the company was issued on August 5, 2011.

The assets of OJSC Magnitogorskiy Metallurgicheskiy Kombinat in Russia are a large iron and steel complex that encompasses the entire production chain. MMK produces a great variety of metal products with prevalence of greatest added value. In 2010, MMK produced 11.4 million tons of steel and 10.4 million tons of finished metal products.

Monday, August 22, 2011

Aventura Resorts enters into merger with BVI-based Interich International Ltd

Aventura Resorts, Inc. announced the change of name to Borneo Resource Investments Ltd., as part of reverse stock split and merger. After the name change, Borneo Resource Investments will implement a 1:100 reverse stock split of its common stock and will issue one share of common stock for every 100 common shares owned before the reverse stock split, and will have 3,167,269 shares outstanding before the merger.

Also, following the reverse stock split, a wholly-owned subsidiary of Borneo Resource Investments will enter into a merger with the British Virgin Islands-registered Interich International Limited, which has been granted exclusive exploration and development rights for up to 6,000 hectares of a coal reserve in Indonesia. As a result of this transaction, the BVI company will receive 60,178,073 shares of Borneo Resource Investments common stock and will be the owner 95% of the outstanding common stock.

After the merger, the BVI company will become a subsidiary of Borneo Resource Investments. Before the merger, officers and directors of Borneo Resource Investments will resign, and the president of Interich International Limited will be appointed as the CEO of Borneo Resource Investments.

Friday, August 12, 2011

Global Pharm Holdings Group completed acquisition of BVI company

Global Pharm Holdings Group, Inc., China-incorporated growing vertically integrated pharmaceutical company engaged in distribution of pharmaceutical-related products through its subsidiaries in Anhui, Jilin and Shandong provinces, announced that in the beginning of August it entered into a share purchase agreement with each of eight shareholders, and completed the acquisition transaction. Pursuant to the acquisition agreement, the sellers agreed to sell and the company agreed to purchase 50,000 ordinary shares in the British Virgin Islands-registered company Pacific Asia Pharm Investment Group Co., Limited, which represents the entire issued share capital of Pacific Asia Pharm.

The consideration for the sale shares is US$42,000,000, to be paid in full by Global Pharm by issuing the consideration shares to the sellers within 90 days after the closing date (as defined under the acquisition agreement). The number of the consideration shares to be issued to the sellers shall be equal to US$42,000,000 divided by the fair market value of Global Pharm's issued and outstanding common stock. With the completion of this acquisition, the BVI company becomes a wholly owned subsidiary of Global Pharm Holdings Group.

On the date of the acquisition agreement, Global Pharm and the sellers also entered into a share pledge agreement pursuant to which the sellers pledge 10% of the consideration shares to Global Pharm.

The BVI-registered Pacific Asia Pharm is the owner of 100% equity interest of Hong Kong Rich Fortune Chain Drugstores Assets Management Co., Ltd., a HK company who owns 100% equity interest of Guangzhou Hairui Xiexin Investment Consulting Co., Ltd.

Tuesday, August 2, 2011

Shionogi signs share purchase agreement with BVI company

Shionogi & Co., Ltd., based in Osaka, Leo Star Development Limited, the British Virgin Islands-incorporated company, which is the largest shareholder of the China-based Singapore listed company, C&O Pharmaceutical Technology (Holdings) Limited, incorporated in the Bermuda Islands, and Gao Bin, executive director, vice chairman and general manager of C&O Pharmaceutical Technology Limited, have entered into agreement. By terms of this agreement, Shionogi will acquire 160, 312, 000 shares of C&O, out of 193, 480,000 C&O shares held by Leo Star and Gao Bin. This makes about 24.17% from 29.17% of the total shares issued in C&O and held by the BVI company and executive director of C&O.

After the transaction, Shionogi will conduct a general offer with an intention to make C&O into Shionogi's subsidiary. Total consideration for the transaction and the general offer is expected to be approximately S$219 million at the offer price of S$0.50 for each C&O share.

Gao Bin will remain as executive director, vice chairman and general manager of C&O, and will continue to hold his remaining about 5% of the total shares issued in C&O indirectly, through the BVI-registered Leo Star. Also, Shionogi intends to jointly operate C&O with Sumitomo Corporation, which holds about 29% of C&O shares.

C&O Pharmaceutical Technology (Holdings) Limited manages a group of companies engaged in R&D, manufacturing, import and distribution of pharmaceuticals products in China.