BVI-based China Technology announced termination of agreement with CTSP Group

British Virgin Islands-registered China Technology Development Group Corporation, engaged in the solar energy business in PRC to provide solar energy products and solutions, entered into an agreement with China Technology Solar Power Holdings Limited (CTSP) and its shareholders regarding the termination of its acquisition by the BVI company. Also, CTDC signed the letter of intent to continue strategic cooperation with CTSP in large scale on-grid farm projects.

China Technology Development Group entered into Stock Purchase Agreement with CTSP in October 2009, to acquire 51% equity interests of CTSP to jointly develop a 100 megawatt on-grid solar farm project located in Qinghai Province, China. According the announcement of the BVI company, it is difficult to determine the fair value of the "Delingha 100 MW on-grid solar farm project", given the Chinese government has not determined the specific subsidies and incentives for on-grid solar energy applications for Qinghai Province. For this reason, the parties have achieved mutual agreement not to proceed with the acquisition.

Mr. Alan Li, Chairman and CEO of CTDC, said that both companies will benefit from strategic cooperation in respect of designing of and research on the grid-connected solar plant. He also said that CTDC is committed to developing solar power application markets in China, Europe and the United States and to becoming a reputable solar energy application solutions provider worldwide.

Novorossiysk Commercial Sea Port called Board of Directors Meeting to Consider PTP Acquisition

PJSC Novorossiysk Commercial Sea Port (NCSP) has called a meeting of its board of directors in order to consider convening an extraordinary meeting of shareholders to approve the terms of the proposed acquisition by NCSP of 100% of the participatory interests in Primorsk Trade Port LLC from Omirico Limited, which is the only shareholder of PTP (the “Primorsk Acquisition”). Omirico, a company incorporated under the laws of the Republic of Cyprus, is jointly controlled by JSC Transneft and by companies owned or controlled by Russian businessman Mr. Ziyavudin Magomedov.

The board of directors of NCSP is also to consider bank debt financing which it proposes to obtain in order to fund a portion of the purchase price payable for the Primorsk acquisition. Each of the Primorsk acquisition and the bank financing is mutually conditional on the other. It is a condition to the Transaction that Kadina Limited will sell to Omirico 100% of the issued shares of Novoport Holding Ltd., which holds 50.1% of the shares of NCSP. Both Kadina Limited and Novoport Holding Ltd. are incorporated in the British Virgin Islands and controlled by the current controlling beneficial shareholders of NCSP. If completed, the transaction would provide for the change of control of NCSP.

The board of directors of NCSP will also make a formal determination of the cash amount of the purchase price for the Primorsk Acquisition. The purchase price for the Primorsk Acquisition to be considered by NCSP's Board of Directors has been set by the independent appraiser at US$2.153 billion, assuming net debt of PTP of not greater than RUR 10.94 billion.

The Primorsk Acquisition (PTP) is an operator at the Port of Primorsk located on the Baltic Sea to the northwest of St. Petersburg. It is Russia's largest oil port, handling approximately 30% of Russia's oil exports and approximately 37% of oil exported via Russian seaports. The acquisition of PTP will be a transformational transaction for NCSP and, once completed, it will allow NCSP to significantly increase the scale of its operations, diversify its geographic presence, reduce the volatility of cargo volumes and gain access to new transport routes.

CIC Energy enters into negotiations in respect of takeover proposal

British Virgin Islands-registered company CIC Energy Corp. made an announcement that it has agreed to enter into negotiations in respect of a proposal to acquire at least 51% and up to 100% of company's common shares, issued and outstanding, at a non-binding price of CDN$7.75 per share.

The non-binding takeover proposal was last month received by the BVI company from a multi-billion dollar conglomerate. The transaction would represent an approximate 170% premium to CIC Energy's unaffected closing price of CDN$2.87 on September 14, 2010.

CIC Energy has granted to the potential purchaser exclusivity to permit the completion of due diligence and the negotiation of a definitive binding acquisition agreement.

The company engaged Deutsche Bank Securities Inc. as its financial advisor to the Special Committee of the board of directors to assist in the assessment and negotiation of this transaction.

The BVI company did not give any assurances that it will enter into a definitive binding acquisition agreement with respect to the non-binding proposal.

Fortis Global Healthcare acquires BVI and HK subsidiaries of Hong Kong-listed healthcare company

Fortis Global Healthcare Holdings Pte Ltd. has agreed to acquire healthcare businesses of Quality Healthcare Asia Limited. Fortis Global Healthcare will acquire 5 subsidiaries of Hong Kong-listed Quality Healthcare, including British Virgin Islands-registered companies Quality HealthCare Limited and Quality HealthCare Services Limited, and Hong Kong-registered companies Quality HealthCare Medical Holdings Limited, Quality HealthCare Medical Services and Portex Limited.

Quality Healthcare Asia is the largest private integrated healthcare service platform in Hong Kong, providing medical services and allied health services. Company's businesses acquired by Fortis Global Healthcare include a network of over 60 wholly-owned medical centres, over 500 affiliated clinics, over 40 dental and physiotherapy centres and a private nursing agency.

By words of the owners of Fortis Global Healthcare Malvinder Mohan Singh and Shivinder Mohan Singh, “Quality Healthcare is a premier healthcare brand in Hong Kong. It is also Hong Kong's leading private healthcare provider.” They also said that this acquisition is an important step in creating a premier pan-Asian healthcare business.

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.

BVI holding company provides update to its arrangement with Afren plc

British Virgin Islands-domiciled exploration company Black Marlin Energy Holdings Limited has announced that on September 21, 2010 it received the approval of the majority of Afren shareholders for the proposed acquisition of Black Marlin by Afren. Earlier this year, the BVI holding entered into a definitive agreement with Afren plc, providing for this acquisition. Upon completion of the arrangement, Black Marlin is to become a wholly-owned subsidiary of Afren, pursuant to a scheme of arrangement under the law of the British Virgin Islands.

Black Marlin also provided an update to the Arrangement to the shareholders of the BVI company.

The final court hearing to approve the arrangement is expected to be held on October 6, 2010, and the arrangement is expected to take effect from October 8, 2010. On the effective date, the shares of the Black Marlin Energy will be delisted from the TSXV. In addition, Black Marlin intends to close the register of shareholders maintained by Olympia Trust Company after close of business on the business day prior to the effective date.

BVI-registered company acquires 9.7 percent of Bank of Cyprus

On September 21, Bank of Cyprus announced that British Virgin Islands-registered company Odella Resources had raised its stake in the bank to 9.7 percent, by acquiring shares from the bank's employee pension funds and on the market. The BVI company had acquired 7.50 percent of the bank at 4.90 euro per share from the bank's employee pension funds, and the rest amount of shares on the Athens and Cyprus stock exchanges at an average price of 4.07 euro per share.

According to the statement of the Bank of Cyprus, BVI-registered Odella Resources is owned by a Cypriot trust with foreign interests. The new shareholders who have no other banking-related interest have expressed their confidence in the prospects of the bank, which is actually the largest in Cyprus, with presence in Greece and expanding presence in eastern Europe and Russia.

After Tuesday's transaction with Odella Resources, the bank's employee provident funds had reduced their shareholding from 7.6 percent to 0.1 percent.

The Bank of Cyprus also had been notified the pension funds have also entered into an agreement to sell 29,400,000 nil-paid rights to Odella Resources at an average price of 0.8286 euro per right, which corresponds to 8,400,000 new shares upon their exercise.

CIC Energy receives takeover proposal from Indian company

CIC Energy Corp., a British Virgin Islands-registered company engaged in the exploration, development and operation of coal properties in Southern Africa, and trading on the stock exchanges of Toronto and Botswana, announced that it has received a takeover bid from an unidentified Indian conglomerate. In the takeover proposal, the Indian company offered an “indicative price of US$8.50 per share” for each of BVI company's shares, and with almost 52.6 million shares of CIC Energy this would make US$447 million. This is almost three times higher than the market value of the BVI company, which is around US$166.4 million by this day.

It is said in the press-release of CIC Energy that, along with the other terms and conditions of the proposal, the price will be subject to negotiation and may change. The committee of independent directors is formed to evaluate the proposal.

According to CIC Energy, the unidentified Indian conglomerate, as well as the BVI company, has interests in coal mining and power generation.

China Mobile Communications to invest US$7.0m in BVI company

Taiwan-based mobile telecommunications company Far EasTone Telecommunications (FET) announced that it will invest US$7.0 million in British Virgin Islands-registered company Yuan Dong Technology, through its wholly-owned subsidiary FarEastern New Diligent Company also based in BVI.

The purpose of the investment is to acquire 55% stake in FarEastern New Century Information Technology (Beijing), which is wholly-owned subsidiary of Yuan Dong. FarEastern New Century Information Technology is a China-based developer of software and provider of IT system integration services, and this investment of Far EasTone Telecommunications is the first step of the telecom carrier to enter the Chinese market. FarEastern New Century will step into production of digital content in line with FET's cooperation with China Mobile Communications to provide value-added services for customers of China Mobile.

Columbus Energy sold its 5% stake in BVI-registered Columbus Oil and Gas

Canada-based company Columbus Energy Limited entered into agreement according to which it sells its interest in British Virgin Islands-registered company Columbus Oil and Gas to Robert Charles Laslett, for a cash payment of US$42,500 and US$2,975,000 in royalty payments. The transaction is subject to regulatory approval.

Columbus Energy Limited was the owner of 5% interest in Columbus Oil and Gas, which was purchased in July 2007 for cash payment of US$1,100,000, and Mr. Laslett is the majority shareholder in the BVI company. Columbus Oil and Gas (BVI) has a 100% interest in Columbus (Tunisia) Oil and Gas, Inc. incorporated under the Tunisia law.

SinoCoking's subsidiary enters into agreement with two mining companies in Henan Province

SinoCoking Coal and Coke Chemical Industries, Inc., coal and coke processor in central China, making its operations through its British Virgin Islands-registered subsidiary Top Favour Limited, announced that its subsidiary Pingdingshan Hongli Coal & Coke Co., Ltd. entered into materially definitive agrement to acquire 60 per cent of equity interest of mining companies Baofeng Shuangrui Coal Co., Ltd. and Baofeng Xingsheng Coal Co., Ltd. The coalmines operated by these companies are located in Baofeng County, Henan Province. Total consideration of agreements is approximately US$12.4 million.

Under the terms of the agreements, SinoCoking Coal's subsidiary will pay the owners of each company an aggregate purchase price of US$6.2 million in cash, of which approximately US$1.5 million was a refundable deposit to examine the financials, licenses, and reserve data. Pingdingshan Hongli will keep current management and staff of both mining companies, and does not have plans to expand their production capacity, which eliminates the need for additional capital expenditures. The company will evaluate purchasing the remaining 40% minority interests in the future.

Mr. Jianhua Lv, Chairman and CEO of SinoCoking and the owner of Pingdingshan Hongli, said that the company is planning to continue to leverage its status as a coalmine consolidator in Henan Province, and expects to announce additional acquisitions in the quarter ending December 31, 2010.

GMR Energy Limited raises its holding in Homeland through the Rights Offering

BVI-registered Homeland Energy Group Ltd., a coal producer focused on exploration and development in South Africa, concluded its Rights Offering which was announced in June 2010. The company issued a total of 169,088,393 common shares for total proceeds of $8,454,419.65.
BVI company's largest shareholder, GMR Energy Limited, acquired total amount of 159,862,800 common shares. As a result of this transaction, GMR became the holder of 263,119,895 common shares of Homeland Energy, which represent approximately 55.84% of its common shares. GMR's subsidiary Crossridge Investments Limited owns and controls 30,096,012 common shares of the company. So, after the transaction both GMR and Crossridge hold an aggregate amount of 293,215,907 common shares of Homeland Energy, which represent 62.22% of its common shares.
According to the press release, GMR has acquired the shares for long term investment purposes, and currently does not intend to acquire ownership or control of any additional shares of the BVI company.
The proceeds of the Rights Offering will be used to repay the $7,993,140 loan made by GMR's subsidiary, and for general working capital.

KCC Capital exploration enters into LOI with BVI company

Canada-based capital pool company KCC Capital Corporation, incorporated on August 2, 2007 and publicly listed on January 31, 2008, entered into a letter of intent with British Virgin Islands-registered company Feng Prosperous International Limited. KCC Capital's Qualifying Transaction relates to the acquisition of a private Chinese company Shenyang Lufeng Foodstuff Co., Ltd. (through its holding company), a private HK-based company Lufeng Development Limited, and its holding company - British Virgin Islands private company Lufeng International Limited.

Lufeng companies are working in the Chinese food industry, and are principally engaged in raising, slaughtering and processing of beef cattle, as well as the production, sale, marketing, distribution and export of beef products, mainly in the city of Shenyang, Liaoning province of China. The companies also export products to the Middle East region.

Under the terms of the acquisition transaction, KCC will acquire control of Lufeng, for a consideration of such number of common shares that represents 97.12% of the issued and outstanding shares of the Canadian company, after completion of the acquisition. The consideration will be settled between the parties prior to executing the definitive agreement for the acquisition based on the fact that the current KCC shareholders will own approximately 2.88% of Lufeng.

Also, KCC will complete a concurrent offering prior to the closing of the transaction. It is expected that the company will complete a share consolidation prior to the closing of the concurrent offering, as a result of which company's shareholders will hold approximately 575,868 common shares immediately prior to the acquisition, and that the existing holders of company options will hold options to acquire approximately 64,953 common shares of the Company at an exercise price of approximately CAN$1.493 per share.

KCC Capital will re-domicile from British Columbia to the Cayman Islands or other jurisdiction prior to completion of the acquisition transaction.

BVI company invests US$10mln in US biofuels technology corporation

According to the announcement of the Oklahoma-based biofuels technology company Syntroleum Corp., a British Virgin Islands corporation Energy Opportunity Ltd. will acquire Syntroleum's common stock up to US$10 million worth, within a 24-month period.

By terms of the agreement, the BVI company will be limited to 4.9 percent of all shares of Syntroleum common stock. No single required purchase will exceed 2.5 percent of Syntroleum's market capitalization.

Market capitalization of the US company is currently estimated at about US$142 million. With its partner Tyson Foods Inc., the company plans to start operations on the Dynamic Fuels biodiesel plant in Geismar, La.