BVI-registered Arcos Dorados Holdings, Inc., the largest McDonald’s franchisee in Latin America, has reported unaudited financial results for the third quarter of 2019.
For the three months period ended September 30, 2019 the company reported consolidated revenue growth of 3.8% in US$, and 14.1% in constant currency. Consolidated revenues totaled US$747.6 million. The quarter’s highlights, like most of the others, excluded Venezuela. The BVI holding also reported 10.8% comparable sales expansion in Brazil, and 12.7% year-over-year growth in systemwide comparable sales, above the company’s inflation rate.
General and Administrative expenses increased 2.6% in US dollars versus the year-ago quarter and were down 10 basis points as a percentage of revenue. Net income in US dollars decreased 39.6% from US$42.7 mln to US$25.8 mln, mainly due to last year’s one-time tax credit.
CEO of Arcos Dorados Marcelo Rabach commented: “In light of the largely weak economic conditions in many of our markets, our strong revenue and margin performance validate once again the investments we continue making under our three-pillar strategy to drive profitable growth and extend our leadership position in Brazil and other markets. A combination of guest, volume and check growth accelerated comparable sales again and at a rate still above blended inflation.”
Hutchison Port Holdings, a private holding company registered in the British Virgin Islands and headquartered in Hong Kong, has started port expansion project in Pakistan. The Group Managing Director had a meeting with the Prime Minister of Pakistan Imran Khan and with Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, where he presented Hutchison Ports’ global network consisting of 52 ports and including the operations in Karachi for over 20 years. During the meeting, the director of the BVI holding was accompanied by Mr. Andy Tsoi, Managing Director Middle East & Africa and other senior executives of Hutchison Ports.
Hutchison Port Holdings confirmed the commencement of the construction of the second phase of Pakistan Deep Water Container Port project with US$240 million of new investment, to achieve a handling capacity of 3.2 million TEU upon completion. Total investment of Hutchison Ports in Pakistan will annually bring over US$96 million to the government in the form of taxes and concession fees.
Also, the representative of the BVI company highlighted the technologies and industrial practices brought to the country by Hutchison Ports, the most recent of which was Regional Operations Centre. The port industry of Pakistan for the first time received such technologies as the remote-controlled ship-to-shore cranes and semi-automated yard cranes.
21Vianet Group, Inc., a leading carrier- and cloud-neutral Internet data center services provider in China, entered into an agreement with Personal Group Limited, the company registered in the British Virgin Islands and wholly owned by Mr. Sheng Chen, the Executive Chairman of the Board of Directors of 21Vianet Group. Under the terms of the agreement, the Chinese company will issue up to 60,000 newly created Class C ordinary shares to Personal Group Limited, at a price of US$1.35 per share and subject to certain existing shareholders’ participation right. The issuance has been approved by the company’s audit committee and board of directors.
Under the investor right agreement, two of the existing shareholders of 21Vianet Group, King Venture Holdings Limited and Xiaomi Ventures Limited, have the participation right to subscribe up to 5,049 and 1,468 Class C ordinary shares, respectively, on the same terms as the Purchaser; if their participation right will be exercised, the number of shares issued to the BVI company will be reduced accordingly.
BVI company Euro Tech Holdings Company Limited announced that its board of directors has authorized the issuance of bonus shares. The shares are to be issued on October 8, 2019 to shareholders of record as of September 23, 2019, which will receive one ordinary share for every two ordinary shares held.
All share issuances resulting in a fractional share will be rounded to the next whole share. Shareholders should not take any action to receive the bonus shares, and shares held in brokerage accounts and street name should receive the bonus shares by credit to their brokerage account. American Stock Transfer and Trust LLC is an agent for administration of the shares issuance.