Luxoft announces Joint Venture formation

BVI-registered Luxoft (DXC Technology Company) and LG Electronics announced that they will form an automotive joint venture to advance the deployment of production-ready digital cockpit, in-vehicle infotainment, rear-seat entertainment (RSE) and ride-hailing systems based on the webOS Auto platform. Luxoft will lead the deployment of webOS Auto platform in production-ready systems in automotive by contributing its global delivery network and its engineering at-scale delivery organization. It is expected that the joint venture will start operations in the first quarter of 2020. The transaction is subject to regulatory approval and other customary closing conditions.

webOS Auto is an open platform for collaboration and for shared and intelligent mobility, providing unique features and functionality, and incorporating all essential components to offer improved comfort and convenience to passengers and drivers.

Dmitry Loschinin, executive vice president, DXC Technology, and president and CEO, Luxoft, said in his comments: ”This new venture reinforces Luxoft’s capabilities in the design, development and deployment of large-scale digital cockpit and connected mobility solutions based on open platforms… The combined strengths of LG and Luxoft will create invaluable synergy to deploy webOS Auto, the platform for digital, consumer-grade experiences to automakers and their key partners.”

Luxoft becomes a Global Platinum Partner of Fenergo

Luxoft Holding Inc., a BVI corporation recently purchased by DXC Technology Company, has joined the partner eco-system of Fenergo, the leading provider of client lifecycle management solutions for financial institutions. Luxoft and Fenergo will collaborate to better enable global financial institutions to implement Fenergo’s platform and launch digital transformation. The strategic alliance of the companies will enable global financial institutions to serve clients faster, and address compliance issues related to Know Your Customer (KYC) and Anti-Money Laundering (AML). The partner eco-system of Fenergo consists of 300 global organisations.

Luxoft will offer Fenergo’s clients professional consulting services to enable the rapid systems integration and deployment of Fenergo’s platform and suite of digital capabilities. Luxoft enables digital business transformation, enhances customer experiences and boosts operational efficiency through its strategy, consulting, and engineering services. 

Executive vice president of DXC Technology and president and CEO of Luxoft has commented: “Fenergo shares our vision to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML and digital onboarding capabilities with an outcome-based approach. Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients.

Premier African announced completion of loan into Namibian mine

Premier African Minerals Limited confirmed the completion of the strategic loan by the BVI company to MN Holdings Limited, which is the owner and operator of the Otjozondu Manganese Mine in Namibia, and the appointment of Mr Herbert to the board of directors.

As it was announced in July, the BVI company and Cambrian Limited entered into secured loan agreement with MNH, worth US$1.35mln and with annual interest rate of 10% per annum. Under the existing share authorities on the date of signing the loan agreement, Premier African Minerals could only issue 1,009,889,850 of the loan shares for a value of £454,450.

On 6 August 2019, the BVI company received shareholders approval to increase its authorised share capital, and has elected to issue the balance of the 753,778,580 loan shares at a value of £339,200 at the issue price. Subject to an orderly market agreement, these shares may only be sold by MNH through the company’s broker to ensure an orderly market is maintained. Application will be made for the second loan shares to be admitted to trading on AIM and admission is expected to take place on or around 3 September 2019. Following the issue of the shares, Premier's issued share capital consists of 9,753,778,580 Ordinary Shares with voting rights.

Premier African Minerals announced loan to MN Holdings Limited

BVI-registered Premier African Minerals Limited, jointly with Cambrian Limited, announced a strategic loan to MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia, for a total amount of US$1.35mln with annual interest of 10% and with a maturity date of 1 October 2021. By this loan, Premier African expands into an operating and revenue generating manganese mining operation.

George Roach, CEO of the BVI company, said in his comments: "Otjozundu is a producing revenue generating manganese mine based in Namibia currently involved in an expansion programme. The loan to Otjozundu will enable it to conclude the purchase of significant additional plant and equipment from the nearby Purity Mine to allow Otjozundu to steadily increase production and revenues.”

The Otjozundu Manganese Mining Project is located some 150 kilometres north east of Windhoek and is in a well-known and established manganese district. Otjozundu is wholly owned by MNH, which acquired the project from Shaw River Manganese Limited for A$4.952 million in 2018.

The loan proceeds will be specifically used by MNH to purchase additional mining fleet and processing equipment from Purity Mining which has operated in an adjacent area. In accordance with the Loan Agreement, Cambrian has already provided US$350,000 in cash to MNH and Premier African will provide the remaining US$1 million (as Lender) in the form of 1,763,668,430 new ordinary shares of the company.

Talon Metals received an option to acquire 100 per cent of Tamarack Project

BVI-based exploration and development company Talon Metals Corp. provided an update on the Tamarack Project Nickel-Copper-PGE Project in the USA. Talon currently owns 18.45 per cent interest in the project, which is the main focus of its activities.

Talon Nickel (USA) LLC , the wholly-owned subsidiary of the BVI corporation, received formal notification from Kennecott Exploration Company that it has elected to grant Talon Nickel the exclusive option to purchase its 81.55% interest in the Tamarack Project, for a total price of US$114,000,000. In case the option will be exercised, Talon will become the owner of 100 per cent of the Project. The terms and conditions for the purchase transaction are set forth under the exploration and option agreement between the parties.

Talon Nickel has to inform Kennecott Exploration Company until November 6, 2017, as to whether it will exercise the purchase option. In case the option will be exercised, Talon Nickel is required to pay KEX a non-refundable deposit of US$14,000,000, and an additional US$100,000,000 within 18 months. If BVI company’s subsidiary chooses not to exercise the Purchase Option, the companies will enter into the Mining Venture Agreement and become joint venture partners.

Talon Metals entered into agreement to acquire interest in US-located nickel-copper-platinum project

Mineral exploration company Talon Metals Corp., through its subsidiary Talon Nickel (USA) LLC, entered into a definitive agreement with Kennecott Exploration Company, which is a subsidiary of the Rio Tinto Group. Pursuant to this agreement, BVI-based Talon Metals has the right to acquire a 30 per cent stake in Kennecott's Tamarack Nickel-Copper-Platinum Project, located in Minnesota, USA, over a 3 year period, by making US$7.5 million in instalment payments to Kennecott, and incurring US$30 million in exploration expenditures. During the earn-in period, Kennecott will continue to be the operator of the Tamarack Project.

The Chairman of Talon Metals Warren Newfield commented on the agreement: "We are fortunate to participate in Kennecott's Tamarack Project… Over the past two years, the Talon team has reviewed and considered more than 700 projects, and we have finally identified a project that could be a company-maker. I would like to thank our shareholders for their patience and dedication. We expect the next three years to be an exciting time for Talon."

The definitive agreement between Talon and Kennecott was concluded after a number of months of due diligence conducted by the Talon team. Following the period of Talon’s earn-in to the Tamarack Project, the US company must either to proceed with this project with Talon as its joint venture participant owning 30 per cent of the Tamarack Project, or grant BVI company’s subsidiary the right to purchase 100 per cent of the Project.

FracRock announced strategic JV with US oilfield service company

FracRock International, Inc., a privately held oilfield service and technology company registered in the British Virgin Islands, signed an agreement with Manek Energy LLC, an oilfield service company based in Texas.

By the terms of this agreement, Manek Energy will contribute new 40,500 horsepower hydraulic frac equipment package and a fully trained, experienced hydraulic fracturing team to FracRock, in exchange for an interest free note, which will be automatically convertible into shares of FracRock upon the occurrence of certain events. The owners of the Texas company will also be entitled to FracRock Board representation. 

Under the terms of the previously announced Memorandum of Understanding (MOU), the BVI company will provide its unique eco-friendly methodologies to assist operators in developing the Vaca Muerta shale play in Argentina in an environmentally responsible manner.

The agreement is conditioned upon the completion of a definitive agreement. The transaction is expected to be closed within 60 days.

FracRock's Chief Executive Officer, J. Christopher Boswell, said in his comments: "This agreement is an important step in the evolution of our Company. We visited with many North American based, pressure-pumping companies and the team at Manek stood out as the best partner for FracRock. They're very knowledgeable, experienced and dedicated to generating results for their clients. The owners of Manek also own and operate a successful E&P company, Richland Resources, and have expressed a willingness to share their valuable experience at drilling and completing economical shale wells in North America."

Mineseeker completed joint venture formalities in South Africa

British Virgin Islands-based company Mineseeker Operations has completed all the necessary joint venture agreements with its South African partner MMRR Risk Management. As a result of this, Mineseeker Operations South Africa has been established, which is fully compliant with the corporate legal framework in South Africa.

Now the BVI company will move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments.

By words of Mineseeker Commercial Director, Mark Dorey, all the formalities and necessary documentation for the joint venture have now been completed, while the Memorandum of Understanding was signed in March of this year, after a series of negotiations. 74 per cent of the joint venture is held by Mineseeker, and 26 per cent is owned by local partners of the BVI company, in accordance with South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners. Mineseeker will issue a comprehensive corporate release to inform shareholders and investors on the progress.

BVI company to carry negotiations in Southern Africa

Mineseeker Operations Overseas Limited, a BVI company focused on developing innovative technologies in the sphere of aearial survey and mapping, holds a series of meetings concerning the Memorandum of Understanding signed by the company. Mineseeker has already formed a joint venture company, Mineseeker Southern Africa Ltd, and will open negotiations for aearial survey contracts aimed at liberating large sections of land affected by unexploded ordnance.

Mineseeker CEO Mike Kendrick and the Commercial Director of the BVI company Mark Dorey are visiting the area for four days of meetings, scheduled with governments and stakeholders representing the contaminated areas, to formalize and scope the projects, and to establish the commercial structure and pricing of the potential contracts.

The BVI company will be looking for further investment partners in order to meet its objectives in African region, and will meet with the company that has made a specific proposal for the funding of the coconut factory in Mozambique.

A report on the results of the meeting will be available when the management team of the BVI company returns to the UK.

BVI-registered Polo Resources executes loan agreements with Indonesian companies

Polo Resources Limited, the mining and exploration investment company registered in the British Virgin Islands, announced that it has executed two loan agreements with its partners in Indonesia, EarthCoal and Earth Investment Group, for the procurement of coking coal and iron ore opportunities in Indonesia. Should suitable projects be identified, the BVI company anticipates entering the possible joint venture arrangements.

Polo Resources Ltd has executed a binding convertible loan agreement with Polo IndoCoal Holdings Limited, a company incorporated in the British Virgin Islands. Under the terms of the Coking Coal Loan Agreement, Polo Resources has agreed to advance up to US$3 million in the form of a convertible loan to Polo IndoCoal to fund due diligence and related project development costs in respect of coking coal opportunities in Indonesia.

The loan is available to be drawn down in several tranches, and the outstanding loan sum shall bear no interest. The loan is repayable only with the writing consent of Polo Resources Ltd.

Polo Resources has also agreed identical terms with Earth Investment Group Pte. Ltd. for a convertible loan agreement with another British Virgin Islands-registered company Polo IndoIron Holdings Limited. Under the terms of the Iron Ore Loan Agreement, Polo has again agreed to advance up to US$3 million in the form of a convertible loan to Polo IndoIron to fund due diligence and related project development costs in respect of iron ore opportunities in Indonesia. All terms of the Iron Ore Loan Agreement are the same as for the Coking Coal Loan Agreement.

EarthCoal and Earth Investment Group, Polo's partners in Indonesia, are international private investment firms specializing in developing economies, in Asia and Latin America.

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.

EIH Ltd buys 46 per cent stake in BVI-based joint venture

EIH Limited, India-based hospitality firm whose principal activities are operating restaurants, bars and hotels, made an announcement that its board has approved buying 45.85 percent stake in its international joint venture EIH Holdings LTD, incorporated under the law of the British Virgin Islands, for US$45.85 million. EIH Ltd announced that its wholly-owned unit will acquire the equity interest of its partner Amex Investment Ltd in the joint venture.

EIH Ltd currently holds a 54.15 percent stake in the joint venture firm through its subsidiary, EIH International Ltd., British Virgin Islands. Pursuant to the deal it will become the whole owner of the JV.

Eastern International Hotels (EIH) Limited operates in two segments: hotels and others. Its services include airline catering, management of restaurants and airport bars, travel and tour services, car rental, project management and corporate air charters.

The BVI-registered joint venture has investments in hotels in Mauritius and Indonesia, and hotel management contracts in various countries.

CITIC Bank acquires major stake of its associate from the BVI company

Last week, China CITIC Bank acquired a 70.32 per cent stake in CITIC International Financial Holdings Ltd. from the British Virgin Islands-registered Gloryshare Investments (GI), a wholly-owned subsidiary of CITIC Group. By terms of the contract, the stake will be purchased from the BVI company for HKD 13.56 billion in cash. Some analysts consider that the deal brought the bank a HKD 2.11 billion non-guarantee loan.

In January 2009, CITIC International Financial, which is a joint venture between the BVI-registered GI and Banco Bilbao Vizcaya Argentaria SA (BBVA) , signed a contract to receive a HKD 3 billion credit line from its two shareholders - a HKD 2.11 billion credit line from GI, and a HKD 890 million one from BBVA. After the completion of the deal, CITIC Bank will take the responsibility to grant the HKD 2.11 billion credit line to CITIC International Financial. The credit line is of no guarantee as it was granted by parent company to subsidiary.

CITIC Bank's loans granted to related companies reached CNY 2.8 billion in 2007, rising 23.05 per cent year on year, and making 0.49 per cent of its total loans. In 2008, the amount of loans reached 5.7 billion - 104.9 per cent from a year ago, accounting for 0.88 per cent of the total loans. This year, the figure is expected to be around HKD 7.8 billion.

GI, a wholly-owned subsidiary of CITIC Group, became the fourth biggest shareholder of CITIC Bank having taken a 4.93 per cent stake in it as of March 31, 2009.

BVI-based A-Power signs two agreements with GE Drivetrain Technologies

British Virgin Islands-registered A-Power Energy Generation Systems Ltd., the provider of distributed power generation systems in China, and GE Drivetrain Technologies have signed supply and joint venture partnership agreements. The first agreement signed is for GE Drivetrain Technologies to supply A-Power with 2.7 megawatt (MW) wind turbine gearboxes, and another one is to establish Joint Venture partnership for a wind turbine gearbox manufacturing plant in China. Prior to signing the contracts, the companies signed letters of intent a month ago.

Both the agreements are supporting China's initiative to increase wind energy output from one gigawatt in 2005 to 100 gigawatts by 2020, and are the basis for additional future investments by GE Drivetrain Technologies in its local supply chain.

GE Drivetrain Technologies is a unit of GE Transportation – part of General Electric Company, which is a global technology supplier to the railroad, marine, drilling, mining and wind industries.

Joint-venture entity to be registered in BVI by China-based and Australian companies

Sino-Global Shipping America, Ltd., a non-state-owned provider of shipping agency services operating primarily in China, announced that it has signed a joint-venture agreement with Australian company Rocklands Richfield Limited (RCI). The agreement is to provide Sino-Global new opportunities to serve coal-carrying ships from Australia to China, and to allow Rockland Richfield to leverage Sino-Global's established non-state-owned shipping agency services network in China, to distribute goods domestically.

The proposed joint-venture company will be structured as a British Virgin Islands company, and each of the partner companies will own 50% of it. The BVI entity will serve as a shipping operator for cargo ships carrying imported goods to China. Both RCI and Sino-Global have agreed to contribute US$250,000 as needed to operate the company and support its business development activities.

The joint venture was funded by Sino-Global's internal cash position. The transaction has been approved by the board of directors of Sino-Global, and is expected to close in March 2009.

The main businesses of RCI are coal exploration in Queensland, Australia and coke processing in China. In China, RCI's fully controlled subsidiary Coke & Chemicals processes coking coal and other by-products, with total revenues of approximately AU$100 mln in year 2008. Sino-Global Shipping America, Ltd. was registered in the United States in 2001, and is operating primarily in Mainland China, having local branches in six of China's 76 ports, and contractual arrangements in all those where it does not have branch offices.

Yucheng Technologies announced the formation of Elegon, a joint venture with 3i Infotech

Yucheng Technologies Limited, the company registered in the British Virgin Islands and engaged in providing IT services to the Chinese banking industry, announced in the end of August the formation of Elegon Infotech Limited, a joint venture with an Indian company 3i Infotech Limited, which will be the first significant Sino-Indian joint venture in the Chinese financial technology sector.

Elegon will focus on localizing financial technology software from 3i Infotech, including internationally renowned insurance, banking and securities software platforms, to meet the needs of China's diversified financial services sector.

Due to the high degree of complementarity with its existing solutions, Yucheng will be able to cross sell Elegon's products to its existing client base, and expand into new markets, such as insurance and securities sectors.

Elegon, Ltd. is owned 51% and 49% by 3i Infotech and Yucheng, respectively. Commenting on the development of the joint venture, Mr. Weidong Hong, CEO of Yucheng Technologies Ltd, said, “Our goal is to develop solutions that support the financial services sector in China. When 3i Infotech approached us about localizing and exclusively distributing their internationally recognized software in China, we knew this was an opportunity to diversify our service offering and expand into new client bases. We are pleased to be working with such a globally recognized partner."

BVI-domiciled China Natural Resources Inc. enters into new coal mining joint venture

China Natural Resources Inc., the company registered in BVI and based in Hong Kong, made an announcement that on January 26, 2008 it had entered into an agreement with Jiangxi Province Coal Group Company, a state-owned enterprise and the largest integrated coal producer in Jiangxi Province, China, to establish Guizhou Puzheng Mining Co. Ltd. as an equity joint venture company in Guizhou Province, the PRC.

The joint venture company Guizhou Puzheng Mining Co. Ltd. will be 64% owned by BVI-based China Natural Resources, and its main focus will be exploration and mining of coal and other mineral resources in Guizhou Province and other regions in China.

Mr. Li Feilie, the Chairman and CEO of China Natural Resources Inc., has commented that the joint venture company will become a solid platform for the company, “to develop the coal market in the PRC, with particular focus on Guizhou Province, through acquisition and integration of the existing coal mining operations with the use of more advanced coal mining, selecting and processing technologies."

BVI-domiciled China Natural Resources Inc. is one of important natural resources development companies operating in China, receiving most of its earnings from the sale of zinc and iron.