Chinese medical company’s shareholders establish BVI company for share acquisition purposes

Concord Medical Services Holdings Limited, a specialty hospital management solution provider company that operates the largest network of radiotherapy and diagnostic imaging centres in the PRC, announced that the company’s Chairman and CEO, Mr. Jianyu Yang, and its director, President and COO, Mr. Zheng Cheng, together with some other shareholders, have entered into the Share Purchase Agreements. 

Concord Medical informed that pursuant to these Share Purchase Agreements, Mr. Yang and Mr. Cheng have agreed to incorporate a British Virgin Islands company, which will purchase 37,064,808 ordinary shares and 4,660,976 American Depository Shares, each of them representing 3 ordinary shares of the Company, from certain other shareholders for a purchase price of US$6.10 per American Depositary Share, and an aggregate purchase price of US$103,797,063.21.

It is expected that, upon the closing of this acquisition transaction, Mr. Yang and Mr. Cheng will increase their aggregate beneficial ownership in the Company to approximately 48.0%.

Bontan corporation changed its name and redomiciled to BVI

Bontan Corporation Inc. announced that its application to move its jurisdiction of incorporation from Canada to the British Virgin Islands has been approved, and now the company will continue functioning as a BVI corporation under the new name Portage Biotech Inc.

On June 4, 2013, when Canadian company completed share exchange agreement with shareholders of the BVI-registered Biotech corporation Portage Pharma Limited, it was announced that the board of directors of Portage is comprised of Dr. Declan Doogan, Dr. Gregory Bailey, Mr. James Mellon and Mr. Kam Shah. Dr. Doogan is the new Chief Executive Officer, Mr. Shah is the Chief Financial Officer and Dr. Bailey is the Chairman of the Board.

In accordance with the terms of share exchange agreement, Portage Pharma Ltd. is an operating subsidiary of Portage Biotech Inc. Portage Pharma holds an exclusive licence in non-oncology fields under patents granted in the USA, Australia, Israel and New Zealand and patents applied for in Japan and Canada.

Portage Biotech continues to have reporting obligations under the Ontario Securities Act and under the US Securities and Exchange Act as a foreign reporting issuer. It will continue to trade on the OTCB Board. The redomiciled company is now in the process of filing the necessary documents with Financial Industry Regulatory Authority to register its new name, trading symbol and industry code.

Canadian company acquires BVI-based holding group

Canada-based KWest Investment International Ltd. announced that it had signed Letter of Intent to acquire Fuhuiyuan International Group (Holdings) Limited, a newly formed trading company registered in the British Virgin Islands. Under the terms of the Letter of Intent, KWest shall issue to Fuhuiyuan International's shareholders an aggregate of 7,500,000 shares of its common stock, in exchange for all the outstanding shares of common stock of the BVI company. With the signing of the Letter of Intent, KWest will change its name to "Fuhuiyuan International Holdings Limited". 

Fuhuiyuan International has recently entered into an agency agreement with Qingdao Fuhuiyuan Investment Co. Ltd., by terms of which it was appointed to act as its international agent to sell Qingdao Fuhuiyuan's products, including cosmetics, jewelry, dresses, bags and shoes, to collect payments made by overseas customers on behalf of Qingdao Fuhuiyuan, and oversee all related activities and expenditures. Also, duties of the BVI company will include overseas transportation, customs declaration, customs clearance and payment of taxes.