On March 25, 2009 the Chinese division of the company Yum! Brands, Inc., headquartered in Shanghai, announced the intention to acquire 20 per cent of Little Sheep - an Inner Mongolia-based hot pot business with outlets around China. As a result of this deal, the value of which is 493 million Hong Kong dollars (US$63.7 million), Yum! Brands will become the second largest shareholder in Little Sheep, after Possible Way International, its controlling shareholder, registered in the British Virgin Islands. Yum! Brands plans to acquire more than 205 million shares of two UK-based private equity firms, and of BVI-based Possible Way International.
The proposed price of shares of BVI-controlled Little Sheep is 2.4 HK dollars each, and the deal is planned to be completed this summer. Upon the completion of the deal, the combined annual operating income of Yum! and Little Sheep in mainland China is expected to be about 32 billion yuan (US$4.71 billion), making less than 2 per cent of the restaurant and catering business, so the deal would not lead to a monopoly situation in China.
Also, spokesman for Yum! Brands said that at the moment the company has no plans to build up larger stake in Little Sheep, and does not plan to participate in its day-to-day business administration.
Yum! Brands, Inc. is a parent company of chain restaurants including KFC and Pizza Hut, operating about 3,000 stores in China. Little Sheep was founded in Baotou in 1999, and now runs mutton-based hot pot catering and franchising business.
Tuesday, March 31, 2009
Thursday, March 26, 2009
Talon Metals updates loan terms for BVI-registered Saber Energy
Mineral exploration company Talon Metals Corp, registered in the British Virgin Islands, announced that it has agreed to a 30 day maturity date extension of the $6 mln loan that was made by it to Saber Energy Corp., a private coal bed methane exploration company working in Botswana, Africa.
Talon Metals entered into a binding agreement with Saber Energy Corp., also based in BVI, in September 2008. The original maturity date of the loan was March 24, 2009, and the loan will not be repaid on this date. Also, Talon continues due diligence review of Saber regarding potential merger of the two BVI companies.
The discussions of the two BVI companies are to be concluded in about 30 days, or on before April 24 2009. In case if the discussions do not result in agreement on a further extension to the loan and interest earned, the loan would be paid immediately.
Talon's $6 mln loan to Saber is secured against Saber's assets which include its land licenses in Botswana and other assets. Currently Talon's management and auditors are establishing an appropriate valuation for the loan. Currently payable interest on the loan is 18 per cent per annum.
Talon is continuing to investigate other opportunities, and is currently undertaking due diligence reviews on a number of such opportunities that have been identified for new resource projects.
Talon Metals entered into a binding agreement with Saber Energy Corp., also based in BVI, in September 2008. The original maturity date of the loan was March 24, 2009, and the loan will not be repaid on this date. Also, Talon continues due diligence review of Saber regarding potential merger of the two BVI companies.
The discussions of the two BVI companies are to be concluded in about 30 days, or on before April 24 2009. In case if the discussions do not result in agreement on a further extension to the loan and interest earned, the loan would be paid immediately.
Talon's $6 mln loan to Saber is secured against Saber's assets which include its land licenses in Botswana and other assets. Currently Talon's management and auditors are establishing an appropriate valuation for the loan. Currently payable interest on the loan is 18 per cent per annum.
Talon is continuing to investigate other opportunities, and is currently undertaking due diligence reviews on a number of such opportunities that have been identified for new resource projects.
Saturday, March 21, 2009
More than 10% of African mining corporation purchased by BVI-registered subsidiary
London Stock Exchange listed mining company Titanium Resources Group Ltd. has published a Notice of Substantial Shareholding, informing the publics that on 12 March it was notified that the British Virgin Islands-registered Leopard Titanium Limited acquired its 2,000,000 ordinary shares, at a price of 3.25p a share. As a result of the purchase, the BVI company now owns 25,427,856 ordinary shares of Titanium Resources, which represents 10.85% of its total issued share capital.
The BVI-based Leopard Titanium Limited is a company in which Mr. Jean Raymond Boulle is the sole shareholder and sole director. It was previously disclosed that Mr. Boulle also directly owns a further 114,981,497 ordinary shares representing 49% of total issued share capital of the mining company.
Titanium Resources Group has the major part of its operations in te Republic of Sierra Leone, producing rutile and ilmenite for industrial needs . It is the country's largest private sector employer,. and its operations historically accounted for over 65% of exports of Sierra Leone.
The BVI-based Leopard Titanium Limited is a company in which Mr. Jean Raymond Boulle is the sole shareholder and sole director. It was previously disclosed that Mr. Boulle also directly owns a further 114,981,497 ordinary shares representing 49% of total issued share capital of the mining company.
Titanium Resources Group has the major part of its operations in te Republic of Sierra Leone, producing rutile and ilmenite for industrial needs . It is the country's largest private sector employer,. and its operations historically accounted for over 65% of exports of Sierra Leone.
Tuesday, March 17, 2009
China Opportunity Acquisition Corp. to merge with BVI-registered parent of Chinese Specialty Steel Company
China Opportunity Acquisition Corp., a blank check company formed in 2006 as a vehicle to effect a merger, capital stock exchange and asset acquisition, announced that its shareholders approved the merger with Golden Green Enterprises Limited, a privately held company registered in the British Virgin Islands. As a result of this merger, China Opportunity's shares of common stock, warrants and units will be converted into like securities of the BVI company on a one-to-one basis.
Closing of the merger is expected to occur on or about March 17, 2009. Shortly after it, ordinary shares, warrants and units of Golden Green will trade on the Over-the-Counter Bulletin Board. Following the completion of the merger, Golden Green will continue operations under its present name.
BVI-domiciled Golden Green, through its operating company, Henan Green Complex Materials Co., Ltd., is a manufacturer of specialty steel products in China. Harry Edelson, CEO and Chairman of the Board of China Opportunity, commented that this transaction will provide Golden Green with a public listing in the US, to help execute its aggressive growth strategy.
Closing of the merger is expected to occur on or about March 17, 2009. Shortly after it, ordinary shares, warrants and units of Golden Green will trade on the Over-the-Counter Bulletin Board. Following the completion of the merger, Golden Green will continue operations under its present name.
BVI-domiciled Golden Green, through its operating company, Henan Green Complex Materials Co., Ltd., is a manufacturer of specialty steel products in China. Harry Edelson, CEO and Chairman of the Board of China Opportunity, commented that this transaction will provide Golden Green with a public listing in the US, to help execute its aggressive growth strategy.
Monday, March 16, 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.
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.
Thursday, March 12, 2009
BVI registered OpenTV Corporation received proposal from Kudelski SA
BVI-registered OpenTV Corp., a leading software and technology provider of advanced digital television solutions, reported that on February 27, 2009 it received a non-binding proposal from Kudelski SA to acquire all of the Class A ordinary shares of OpenTV Corp., which are not currently owned by Kudelski or its affiliates. The company proposed purchase price of $1.35 per share in cash.
The Board of Directors of the BVI corporation will consider the proposal on the meeting. OpenTV indicated that it does not intend to comment further at this time.
OpenTV is one of the world's leading providers of advanced digital television solutions dedicated to creating and delivering compelling viewing experiences to consumers of digital content worldwide.
The Board of Directors of the BVI corporation will consider the proposal on the meeting. OpenTV indicated that it does not intend to comment further at this time.
OpenTV is one of the world's leading providers of advanced digital television solutions dedicated to creating and delivering compelling viewing experiences to consumers of digital content worldwide.
Friday, March 6, 2009
Canadian company acquires 60 per cent of BVI-controlled Sunland Properties
The Canadian company Carlyle Mining Corp has announced that it has received notice from the TSX Venture Stock Exchange saying that the trading halt that was placed on shares of the Company on July 11 2008 is lifted effective at the opening of the market on February 25, 2009. The Transaction was previously described in its news release dated December 23, 2008, announcing that it had entered into a share option agreement, to acquire 60% of the issued and outstanding shares of Sunland Properties Limited. Sunland, which is owned by a British Virgin Islands-registered Rowen Company Limited, and controls 520 square kilometres of prospective copper-gold properties situated in south eastern Queensland, Australia.
The properties consist of two exploration permits and one exploration permit application, acquired by Rugby Mining Pty Limited, – a wholly owned subsidiary of Sunland, - from Newcrest Operations Limited. Rugby made the EPA directly with the Queensland Government Department of Mines and Energy.
Pursuant to the Agreement, Carlyle will advance to the BVI-registered Rowen Australian $25,000 as a non-refundable deposit. In order to maintain its option, the Agreement provides that Carlyle will pay to Rowen (BVI) AU$200,000 in cash, which is payable on closing of the Transaction, or within 30 days of completion of any future capital raising financing by the Company.
After the closing of the transaction, Carlyle will be called Rugby Mining Limited, and will change its trading symbol to RUG. An aggregate 16,000,000 common shares will be issued and outstanding.
The properties consist of two exploration permits and one exploration permit application, acquired by Rugby Mining Pty Limited, – a wholly owned subsidiary of Sunland, - from Newcrest Operations Limited. Rugby made the EPA directly with the Queensland Government Department of Mines and Energy.
Pursuant to the Agreement, Carlyle will advance to the BVI-registered Rowen Australian $25,000 as a non-refundable deposit. In order to maintain its option, the Agreement provides that Carlyle will pay to Rowen (BVI) AU$200,000 in cash, which is payable on closing of the Transaction, or within 30 days of completion of any future capital raising financing by the Company.
After the closing of the transaction, Carlyle will be called Rugby Mining Limited, and will change its trading symbol to RUG. An aggregate 16,000,000 common shares will be issued and outstanding.
Friday, February 27, 2009
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.
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.
Monday, February 16, 2009
BVI-registered RAK Real Estate Ltd. to acquire Kuwait-based business
RAK Real Estate Ltd., a company registered in the British Virgin Islands and having office in Dubai, UAE, has announced that it has entered into a conditional agreement for the acquisition of the entire beneficial interest in RAFCO business, which is part of Rafco International Real Estate Company K.S.C.C., of Kuwait City, Kuwait. The total amount payable for this acquisition is US$927,129,210. This consideration will be satisfied by the issue of new shares at a price of US$5.00 each, and totaling amount of 185,425,842 shares.
In addition, a Kuwait based institution has conditionally agreed upon admission to acquire from the principal shareholder, Rafed A.M. Al Khorafi, a total amount of 18,357,158 shares representing approximately 9.9% of the Enlarged Share Capital, at a price per share of $5.00. Total amount of this transaction will to make $91,785,790.00.
Speaking on behalf of the board of directors, the chairman Ahmed Al Omani said that the proposed acquisition represents an important opportunity for the company to strengthen its growth prospects and accordingly enhance shareholder value.
The British Virgin Islands-based RAK Real Estate Ltd. floated on PLUS as an investing company in August 2008, and consists primarily of Kuwaiti shareholders.
In addition, a Kuwait based institution has conditionally agreed upon admission to acquire from the principal shareholder, Rafed A.M. Al Khorafi, a total amount of 18,357,158 shares representing approximately 9.9% of the Enlarged Share Capital, at a price per share of $5.00. Total amount of this transaction will to make $91,785,790.00.
Speaking on behalf of the board of directors, the chairman Ahmed Al Omani said that the proposed acquisition represents an important opportunity for the company to strengthen its growth prospects and accordingly enhance shareholder value.
The British Virgin Islands-based RAK Real Estate Ltd. floated on PLUS as an investing company in August 2008, and consists primarily of Kuwaiti shareholders.
Friday, February 6, 2009
Egyptian, BVI and UAE investors offer to buy Alexandria Medical Services
The Egyptian investor has made an offer to medical equipment firm Alexandria Medical Services with purpose to buy it for 102.9 mln Egyptian pounds, meaning that all the 1.4 million shares of the firm will be bought at a price of 73.5 pounds per share.
This is the highest bid for the company, earlier this month an Indian investor who runs healthcare business in the United Arab Emirates offered to buy Alexandria Medical Services for 100.8 mln pounds , or 72 pounds per share. Also, the previous offer of 100 percent takeover made by the British Virgin Islands-based company Short Hills Development was 65 pounds a share.
The current offer of the investor, who is the chairman of the board of Egyptian pesticide firm Agrochem, also based in Alexandria, brought the number of offers for the medical firm to three.
This is the highest bid for the company, earlier this month an Indian investor who runs healthcare business in the United Arab Emirates offered to buy Alexandria Medical Services for 100.8 mln pounds , or 72 pounds per share. Also, the previous offer of 100 percent takeover made by the British Virgin Islands-based company Short Hills Development was 65 pounds a share.
The current offer of the investor, who is the chairman of the board of Egyptian pesticide firm Agrochem, also based in Alexandria, brought the number of offers for the medical firm to three.
Wednesday, January 28, 2009
China Technology Announces Proposed Offering of US$20 Million Convertible Notes of Its Subsidiary
China Technology announces proposed offering of US$20 mln of its BVI subsidiary.
BVI-registered China Technology Development Group Corporation (CTDC), providing solar energy products and solutions in the Chinese market, announced that its wholly-owned subsidiary China Green Holdings Ltd. (BVI) entered into a memorandum of understanding with CMTF Asset Management Limited – a joint venture held by China Merchants Securities Investment Limited and Taifook Fund Managers Limited. By the terms of the document, CGHL intends to offer approximately an aggregate principal amount of US$20 mln convertible notes due 2013, in a private offering to CMTF Asset Management Limited and its affiliated sophisticated investors, with interest rate equal to HK Prime Rate per annum.
In certain circumstances, the notes will be convertible into the ordinary shares of CGHL, representing 15% of its share capital and voting right, or the common shares of CTDC with a conversion price at US$3.01 per share. CGHL expects to use net proceeds from the offering of the notes for expansion of its manufacturing operations, the solar power plant project, and as working capital.
BVI-registered China Technology Development Group Corporation (CTDC), providing solar energy products and solutions in the Chinese market, announced that its wholly-owned subsidiary China Green Holdings Ltd. (BVI) entered into a memorandum of understanding with CMTF Asset Management Limited – a joint venture held by China Merchants Securities Investment Limited and Taifook Fund Managers Limited. By the terms of the document, CGHL intends to offer approximately an aggregate principal amount of US$20 mln convertible notes due 2013, in a private offering to CMTF Asset Management Limited and its affiliated sophisticated investors, with interest rate equal to HK Prime Rate per annum.
In certain circumstances, the notes will be convertible into the ordinary shares of CGHL, representing 15% of its share capital and voting right, or the common shares of CTDC with a conversion price at US$3.01 per share. CGHL expects to use net proceeds from the offering of the notes for expansion of its manufacturing operations, the solar power plant project, and as working capital.
Wednesday, January 21, 2009
China Natural Resources (BVI) signs agreement with Coal Mining Group
BVI-registered China Natural Resources has consummated the acquisition of all of the issued and outstanding capital stock of Newhold Investments Limited and its wholly-owned subsidiaries included in the Coal Group, upon the agreement signed with Feishang Group Limited.
Newhold Investments, through its 70% owned operating subsidiary, Guizhou Yongfu Mining Co., Ltd., owns mining rights to Yongsheng Coal Mine, located in Guizhou Province of China Republic. The 20-year mining right permit covering the mine was issued on November 8, 2007, and provides for an annual production capacity of 600,000 metric tons of coal. Construction of the mine, which is anticipated to take about 18 months, will be funded by a combination of bank loans and internal funds.
Mr. Feilie Li, CEO and Chairman of China Natural Resources, said in his comments that upon the completion of the acquisition of Newhold the BVI company intends to continue their coal resources acquisition strategy in Guizhou Province, as well as acquisition of other non-ferrous/iron metal assets.
Newhold Investments, through its 70% owned operating subsidiary, Guizhou Yongfu Mining Co., Ltd., owns mining rights to Yongsheng Coal Mine, located in Guizhou Province of China Republic. The 20-year mining right permit covering the mine was issued on November 8, 2007, and provides for an annual production capacity of 600,000 metric tons of coal. Construction of the mine, which is anticipated to take about 18 months, will be funded by a combination of bank loans and internal funds.
Mr. Feilie Li, CEO and Chairman of China Natural Resources, said in his comments that upon the completion of the acquisition of Newhold the BVI company intends to continue their coal resources acquisition strategy in Guizhou Province, as well as acquisition of other non-ferrous/iron metal assets.
Saturday, January 10, 2009
China XD Plastics to acquire the BVI corporation Favor Sea Limited
China XD Plastics Company Ltd. made an announcement that on December 24, 2008, it acquired all of the outstanding capital stock of the British Virgin Islands corporation Favor Sea Limited. As a result of this acquisition deal, the company will change its name to China XD Plastics Company.
By terms of the announced merger, total authorized shares of common stock of the company will be reduced.
BVI company Favor Sea Limited is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Harbin Xinda Macromolecule Material Co., Ltd. - a limited liability company registered in China.
Through its wholly owned subsidiary Harbin Xinda Macromolecule Material Co., Ltd., China XD develops, manufactures, and distributes modified plastics, mainly for the use in automobiles. Xinda was founded in September 2004, and is headquartered in Harbin, Heilongjiang Province, in northeast China. Xinda's specialised plastics are used in the exterior and interior trim and in the functional components of more than 30 automobile brands manufactured in China including Audi, Red Flag, Volkswagen and Mazda. At the current moment, Xinda manufactures approximately 145 types of automobile-specific modified plastic products, 117 of which have been certified for use by one or more of the automobile manufacturers in China. China XD has approximately 39 million shares, trading on the OTC Bulletin Board under the ticker symbol “NBTE”.
By terms of the announced merger, total authorized shares of common stock of the company will be reduced.
BVI company Favor Sea Limited is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Harbin Xinda Macromolecule Material Co., Ltd. - a limited liability company registered in China.
Through its wholly owned subsidiary Harbin Xinda Macromolecule Material Co., Ltd., China XD develops, manufactures, and distributes modified plastics, mainly for the use in automobiles. Xinda was founded in September 2004, and is headquartered in Harbin, Heilongjiang Province, in northeast China. Xinda's specialised plastics are used in the exterior and interior trim and in the functional components of more than 30 automobile brands manufactured in China including Audi, Red Flag, Volkswagen and Mazda. At the current moment, Xinda manufactures approximately 145 types of automobile-specific modified plastic products, 117 of which have been certified for use by one or more of the automobile manufacturers in China. China XD has approximately 39 million shares, trading on the OTC Bulletin Board under the ticker symbol “NBTE”.
Tuesday, January 6, 2009
Alyst Acquisition Corp. complies with NYSE requirements in terms of agreement with BVI company
A special purpose acquisition company Alyst Acquisition Corp. confirmed that the financial report of its independent registered public accounting firm, Marcus & Kliegman LLP, for the year ended June 30, 2008, contained a going concern qualification since Alyst's certificate of incorporation providing for its mandatory liquidation if it does not consummate a business combination prior to June 29, 2009. Alyst considers it usual and customary for SPACs to receive such qualification in an audit opinion received within 12 months of the proscribed mandatory liquidation date.
Alyst issued a press release in August, 2008, announcing that it signed an agreement and plan of merger to acquire full stock of the British Virgin Islands company China Networks Media Ltd., which owns and is acquiring broadcast television advertising rights in China. As part of the transaction, Alyst proposed to redomesticate to the BVI by means of merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also a BVI company, immediately prior to consummating its transaction with China Networks.
Alyst issued a press release in August, 2008, announcing that it signed an agreement and plan of merger to acquire full stock of the British Virgin Islands company China Networks Media Ltd., which owns and is acquiring broadcast television advertising rights in China. As part of the transaction, Alyst proposed to redomesticate to the BVI by means of merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also a BVI company, immediately prior to consummating its transaction with China Networks.
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