Luxoft completed acquisition of CMORE Automotive

Luxoft, a DXC Technology Company, announced the completion of its acquisition of CMORE Automotive on April 9, 2020. Definitive agreement to acquire the independent services provider, dedicated to the development and validation of Al-driven mobility systems, was announced on March 5, 2020, and final approval was received by the company on March 24, 2020.

The acquisition adds to Luxoft’s capabilities in data-driven development, testing and validation of Autonomous Drive/Advanced Driver Assistance Systems and strengthens the company’s ability to design and deploy transformative AD/ADAS programs for clients at scale.

Dmitry Loschinin, executive vice president, DXC Technology, and president and chief executive officer, Luxoft, commented on the completion of the acquisition: “With CMORE Automotive, Luxoft will extend its spectrum of AD/ADAS initiatives, from enabling customers to amplify their fusion, perception and driving function development, testing and validation capacities to delivering transformative AD/ADAS solutions at scale. I want to welcome the CMORE Automotive team to the DXC family.”

Richard Woller, chief executive officer, CMORE Automotive, said: “We are excited to be a part of the DXC family and its Autonomous Drive team and looking forward to accelerate customers’ in-car series projects with end-to-end AI-driven development, testing and validation of AD/ADAS solutions at scale.”

Scotiabank selling its BVI branch to Trinidad-based bank

Scotiabank made an announcement that it has reached an agreement for the sale of 100% of the shares of its British Virgin Islands branch to Trinidad-based Republic Financial Holdings Limited, which is the owner of the Republic Bank group of banks. The new agreement is the latest in a series of transactions the Canadian bank was making to unload its Caribbean assets, after the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Maarten and St. Vincent and the Grenadines to Republic Bank.

The BVI agreement is subject to regulatory approval and customary closing conditions. The Canadian bank did not disclose the terms of the agreement, but the notice on the Trinidad and Tobago Stock Exchange put the $120 million price.

In 2017, according to the survey by the Caribbean Association of Banks, 21 of the 23 banks in 12 Caribbean countries had lost at least one correspondent banking relationship, defined as an agreement between foreign and domestic bank where a correspondent account is established at one bank for the other.

NF Energy Saving Corporation completed acquisition of pharmacy chain company

NF Energy Saving Corporation, China-based provider of integrated energy conservation solutions, has completed the acquisition of Chinese pharmacy chain company Boqi Zhengji Pharmacy Chain Co., Ltd. 

Previously, NF Energy entered into a stock purchase agreement with British Virgin Islands-registered Lasting Wisdom Holdings Limited, as well as Hong Kong company Pukung Limited, China-based companies Beijing Xin Rong Xin Industrial Development Co., Ltd. and Boqi Zhengji Pharmacy Chain Co., Ltd., and several individual sellers. The aggregate purchase price for the shares consists of a cash consideration of RMB 40,000,000 (USD 5,643,181) and up to 1,500,000 shares of common stock of the company.

Mr. Tiewei Song, CEO and President of NF Energy Saving Corporation, commented on the completion of the acquisition: “We are pleased to complete the acquisition of Boqi Zhengji Pharmacy as promised. The acquisition is a substantial milestone for us to shift to the health industry while the market is booming.”

Luxoft Holding Inc. to be purchased by DXC Technology

DXC Technology, global IT solutions provider and one of the leaders in the industry, and BVI-incorporated Luxoft Holding, Inc. announced a definitive agreement according to which DXC will acquire Luxoft. Under the terms of the agreement, all of the issued and outstanding ordinary shares of the BVI holding company will get US$59.00 per share in cash, that makes total equity value of approximately US$2 billion.

With Luxoft’s digital engineering capabilities and DXC’s expertise in IT modernization and integration, the companies will offer differentiated customer value proposition for end-to-end digital transformation. The combined company will be able to provide end-to-end digital capabilities for the global financial services industry; new services in insurance, where DXC is industry leader; offerings for the automotive industry, combining Luxoft’s knowledge and experience in car systems with DXC’s capabilities in cloud and security; and industry-leading services in healthcare and life sciences. Luxoft has clients in all regions of the world, particularly in Europe. In the automotive industry the combined company will serve more than twenty manufacturers and OEMs in North America, Europe and the Asia Pacific region.

Luxoft will keep its brand and work as “A DXC Technology Company.” It will continue to be led by the company’s current president and CEO Dmitry Loschinin. The transaction is expected to be closed by June 2019, and is subject to customary conditions and regulatory approvals.

Telecoms group announced the sale of BVI-registered subsidiary

Telecommunications group VEON has agreed to sell its Beeline-branded mobile operating subsidiary in Tajikistan to local investment partners. The group has signed an agreement on the sale of British Virgin Islands-registered Vimpelcom AG, which owns 98 percent of Tajikistan’s mobile operating subsidiary Tacom to ZET Mobile Limited. Currently this company holds 2 percent stake in the mobile operator. The completion of the deal is dependent on regulatory approval.

Previously it was confirmed that Beeline will be retained locally despite any change of ownership. Currently the brand is in fourth place in the Tajikistan’s cellular market.

VEON group, which is headquartered in Netherlands, has been planning an exit from Tajikistan’s mobile sector for more than a year, over concerns at the country’s taxation system.

BVI subsidiary of Chinese company to acquire interest in Yao Wan Vanadium Project

Sparton Resources Inc. announced that it has approved Memorandum of Understanding which has been entered into by VStar Industries Inc. and Warwick Mining Development Company Ltd. (WMD), for the advanced evaluation and possible acquisition of 70% interest in the Yao Wan Polymetallic Exploration License in Shaanxi Province of China. VStar Industries was recently incorporated in the British Virgin Islands and is 90% owned subsidiary of Sparton Resources, while WMD is a local Chinese private company.

The YW License has been extensively explored by WMD in the period between 2006 and 2015. Under the terms of the MOU, the BVI company will take responsibility for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study. Further development of a mining project would be paid for jointly as to 70% V Star and 30% WMD.

BVI-based subsidiary of Chinese retailer acquires Jiedian Technology Co., Ltd.

Chinese online retailer of beauty products, Jumei International Holding Limited, completed its acquisition of equity interest in Shenzhen Jiedian Technology Co., Ltd. Now equity interest is held by River International Holding Limited, the British Virgin Islands-incorporated company, which is wholly-owned subsidiary of Jumei Inernational Holding Limited.

Jiedian Technology is working in the portable power bank sharing business. It facilitates master power charging boxes in highly frequented points of interest. Also, the company has got an app for users to locate nearby power boxes where they can rent a portable power bank. Jiedian has deployed its power boxes in more than twenty major cities.

UK financial company signs LOI to acquire GVC Holdings Ltd

Financial services company Simian Global Plc signed a non-binding letter of intent to acquire BVI-incorporated GVC Holdings Ltd. in an all-share deal. As a result of the reverse takeover, if completed subject to due diligence and other criteria, shareholders of Simian Global will have minority interest in the enlarged group.

GVC Holdings Ltd is an unrelated and separate entity to London Stock Exchange-listed media and advertising company GVC Holdings Plc.

Simian Global PLC is the company headquartered in the UK, operating acquired business, strategy implementation, and working capital management services.

North West Company Inc. acquires 76 per cent shares in BVI retailer

North West Company Inc., Canada-based retailer with presence in the Caribbean countries, and Roadtown Wholesale Trading Ltd., a privately-held company with retail outlets and wholesale operation working in the British Virgin Islands, entered into definitive purchase agreement for the acquisition of 76% shares of Roadtown Wholesale. The approvals to operate the company under North West majority ownership have been received from the BVI government, and the transaction was approved by the Board of Directors of both parties.

The Canadian company will pay for 76% interest in the BVI retailer approximately US$32 million, and US$5 million in acquisition related costs including stamp duties to the government of the British Virgin Islands.

The acquisition transaction is expected to close in February, 2017, and is to contribute approximately US$5 million of annualized net income to North West, which will pay about 90% of the purchase price in cash, and 10% through issuance of North West common shares. After the acquisition, RTT will continue to operate under the same trade names, Riteway Food Markets and Roadtown Wholesale Trading.

Acquisition of UTi Worldwide: major customers stay with the group

According to the Bloomberg agency, acquisition of the BVI company UTi Worldwide Inc. by DSV A/S, worth US$1.35 billion, which was announced in October and completed in the beginning of 2016, has become successful, as far as 100 major clients of the purchased company committed to the combined group. By words of SEB analyst Lars Heindorff, it is very important for DSV, as their strategy is to keep the front office operations unchanged to limit the loss of customers.

DSV CEO Jens Bjoern Andersen said that feedback from UTi’s biggest customers “has been very good, but we also know that they expect us to deliver. We have met with them to present our case and told them, in all modesty, that we believe the new combined company will be able to provide them with a better service.”

DSV has become the world’s fourth-largest freight forwarder, after buying more than 30 companies, and UTi was the biggest transaction since DSV took over ABX Logistics Worldwide SA in 2008, for US$850 million. Danish company expects the deal to yield synergies of US$230 million within 3 years, integration costs will be the same.

UTi Worldwide Inc. acquired by global transport company

International logistics supplier UTi Wolrdwide Inc., incorporated in the British Virgin Islands, has been purchased by global transport and logistics company DSC A/S, listed on NASDAQ Copenhagen. The transaction has been completed on January 22 with the approval of UTi shareholders and competition authorities. Upon the acquisition, which adds approximately 50 per cent to DSV’s existing revenue, the company will become the fourth largest freight forwarder in the world. Also, the deal will add geography diversification to the company, and help in creating one of the world’s strongest transport and logistics networks. Further on, the commercial activities of DSV and UTi will continue under the DSV brand.

Some days earlier, UTi Worldwide Inc. received antitrust approval in South Africa, which was the final required regulatory approval needed for the consummation of the acquisition transaction. Under the terms of the transaction, each ordinary share of UTi Worldwide will be converted into the right to receive cash payment of US$7.10, without interest.

Atlas Mara planning to become BPR shareholder and merge BPR with BRD Commercial Bank

BVI-registered company Atlas Mara Limited announced that it is in discussions about investing approximately US$22.5 million in Banque Populaire du Rwanda (BPR). If this transaction is successfully concluded, Atlas Mara will become the owner of 45 per cent in BPR. Further on, the company plans to merge BPR with BRD Commercial Bank Ltd, which was purchased by Atlas Mara in October 2014. This merger will provide Atlas Mara with a platform to meet demand for corporate credit, and leverage mobile technology to provide differentiated product offerings to the retail segment. The transaction is expected to be completed in the third quarter of 2015, subject to binding legal agreements and regulatory approvals.

The BVI company will also purchase shares from local shareholders, and as a result it will have over 70 per cent in the combined institution which, with assets of about US$305 million, will become Rwanda’s largest bank by branch locations, and second largest bank by assets.

BPR’s focus, which will be maintained by Atlas Mara, is on under-banked sectors, such as small- and medium-sized enterprises and farmers. At 31 December 2014, the bank had approximately US$227mln of assets, US$155mln in loans, US$181mln in deposits and US$23mln of equity.

Eco (Atlantic) Oil & Gas Ltd. received Ghana Parliament’s ratification of purchase agreement

Eco (Atlantic) Oil & Gas Ltd., an integrated oil and gas exploration company incorporated in the British Virgin Islands, announced that the Parliament of the Republic of Ghana has ratified a petroleum agreement under the terms of which the company may acquire a 50.51 per cent interest in the Deepwater Cape Three Points West Block, located in offshore Ghana, close to significant producing Jubilee Oil Field. The contract area is approximately 944km² in water depth between 800m and 2,000m. The BVI corporation has been qualified as operator of the Block.

Partners in the Block are Eco (Atlantic) Oil & Gas Ltd., which will own 50.51 per cent through its wholly owned subsidiary Eco Atlantic (Ghana) Ltd., A-Z Petroleum Products Ghana Limited, which will be the holder of 32.14 per cent, the Ghana National Petroleum Company with 13 per cent, and GNPC Exploration and Production Company Limited with 4.35%. The signed agreement provides for a term of 25 years, subject to the discovery of oil within the first seven years.

Mineral exploration company closes sale of Oman properties through its BVI subsidiary

Gentor Resources Inc., a mineral exploration company working in Turkey, closed the sale of its properties in Oman to AIM-listed company Savannah Resources plc. The deal was made by Turkish company selling to Savannah Resources all the outstanding shares of its wholly-owned subsidiary, British Virgin Islands-registered company Gentor Resources Limited.

The agreement between the companies was signed in April 2014. The initial consideration for the sale includes, as it was announced before, a cash payment of US$800,000 paid to Gentor on closing. Deferred Consideration consists of: the sum of US$1,000,000, payable to Gentor upon a formal final investment decision being made for the development of the Block 5 licence in Oman, (b) the sum of US$1,000,000, payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 licence in Oman, and (c) the sum of US$1,000,000, payable to Gentor within six months of the payment of the deferred consideration. Also, Savannah Resources may choose to pay up to 50 per cent of the above deferred consideration by the issue of shares to Gentor Resources.

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.

TSX-listed BHK Resources acquires private BVI company

BHK Resources Inc., TSX-listed capital pool company, made an announcement that it has executed a definitive share purchase agreement with US registered mineral exploration company Silver Bull Resources, Inc., in connection with its proposed acquisition of the private British Virgin Islands-registered company Dome International Global Inc., announced in December 2013.

BHK Resources will acquire all of the issued and outstanding securities of the BVI company for an aggregate payment of USD$1,500,000, payable in cash, of which US$25,000 was as a non-refundable deposit upon the execution of the letter agreement.

Upon the completion of the transaction, Dome International Global Inc., which is the indirect holder of 100 per cent interest in and to the Ndjole manganese and gold project, will become a wholly owned subsidiary of BHK Resources.

Englewood entered into private sale transaction to acquire shares of Mezzotin Minerals Inc.

Englewood Management Group Ltd., private company domiciled in the British Virgin Islands, has acquired from Konstantine Resources Ltd. in a private sale transaction the direct ownership of 25,000,000 common shares and 15,000,000 share purchase warrants of Mezzotin Minerals Inc., for cash consideration of US$1. Both BVI-registered Englewood and Konstantine Resources are controlled by President and CEO of Mezzotin Minerals, Mr. Paul Ekon.

After the purchase, the BVI company directly holds approximately 51 per cent of the outstanding common shares; on a partially diluted basis, Englewood would directly hold approximately 62.5 per cent of the outstanding common shares. The company purchased common shares for investment purposes.

BVI company acquired stake in Celamin Holdings NL

BVI-incorporated natural resources exploration company Polo Resources Limited announced that it has acquired a placement in Celamin Holdings NL, an ASX-listed company with phosphate interests in Tunisia, representing a strategic 12.7 per cent stake in the expanded fully paid capital of the company, for an investment of A$1.2 million.

By words of Michael Tang, the Executive Chairman of the BVI company, “This is an excellent opportunity for Polo Resources to add phosphate to its suite of projects through this investment in Celamin.”

Celamin holds an agreed 51 per cent interest in the licences, along with its Tunisian partner holding 49 per cent.

Urban Select Capital Corp announced private placement with BVI-based investor

Urban Select Capital Corporation, an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors, closed its previously announced private placement, pursuant to which Oriental Sense Development Limited, a private British Virgin Islands corporation, acquired 12,500,000 common shares of the company at a price of US$0.08 per share for proceeds of US$1,000,000.

This is an arm’s length agreement, and the BVI company did not previously own securities of Urban Select Capital. Upon completion of the investment, 30.56% of the issued and outstanding shares of Urban Select will be owned by Oriental Sense, and as a result the investing company becomes a ‘control person’. 

Company's shareholders at the Company's annual and special general meeting held on January 9, 2014 approved the investment and proposed consolidation of company’s outstanding shares.

Silver Bull Resources signed Letter of Intent to sell BVI company securities

On December 13, 2013, Silver Bull Resources, Inc., a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges, entered into a binding letter of agreement with TSX-listed BHK Resources, Inc. Under the terms of the agreement, Silver Bull will sell to BHK all of the issued and outstanding securities of its subsidiary Dome International Global Inc., a private British Virgin Islands company which holds, indirectly, a 100 per cent interest in the Ndjole manganese and gold licenses, located in Gabon.

As consideration for the Dome Securities, BHK will pay to Silver Bull an aggregate amount of USD$1,500,000, payable in cash, of which USD$25,000 was paid as a non-refundable deposit upon the execution of the letter agreement. Upon the completion of the transaction, which is considered to be an arm’s length transaction, the BVI company will become a wholly owned subsidiary of BHK Resources.