Archive for the ‘BVI company acquisitions’ Category

AOL sells ICQ to BVI company

Monday, July 12th, 2010

On July 8, 2010 AOL  Inc. completed the sale of its instant messaging service ICQ to the Russian holding firm Digital Sky Technologies Limited, registered in the British Virgin Islands.  ICQ was sold for US $187.5 million in cash. The deal is subject to certain post-closing adjustments based on the amount of cash, working capital and indebtedness of the ICQ operations at closing.

AOL entered into a Securities Purchase agreement with BVI-based Digital Sky Technologies for the sale of its ICQ operations on April 28, 2010. The company is planning to use the money from this deal for buying media properties, paying some of its debt, or just covering some ad revenues.

BVI-domiciled CNC Development announced conclusion of exchange offer

Tuesday, December 22nd, 2009

CNC Development Ltd., a British Virgin Islands company formed as a result of business combination between InterAmerican Acquisition Group Inc. and BVI holding Sing Kung Ltd, made an announcement that all shareholders of Sing Kung who were not parties to the stock purchase agreement have subscribed to the exchange offer for CNC shares. As a result, BVI corporation becomes the owner of full stock of Sing Kung.

Also, the majority of CNC Preferred shareholders appointed by written resolution two new members to CNC’s board of directors – Steven Klein and David Miller, who are Partners with a privately held investment company Apple Core Holdings.

CNC Development has initiated a new business acquisition program, in accordance with it the BVI company is seeking to identify and acquire one or more profitable businesses with enterprise values from US$100 million to US$500 million. The company is also considering acquisitions of companies domiciled outside of China and not involved in the infrastructure or construction sectors. By words of Mr. Morro, Interim Chief Executive Officer of CNC, the company decided to expand the investment focus to other business areas because projected returns on private capital investments in the infrastructure and construction sectors in China have been dramatically reduced due to the recent increase in liquidity in the China market.

CNC also informed shareholders about the change in the trading symbols for its securities that was initiated in November 2009. The shares of the company are quoted on the OTCBB.

BVI-controlled whisky producing company reports double profits

Sunday, May 24th, 2009

Inver House Distillers, the UK-based whisky producer, owned since 2001 by Pacific Spirits (UK), which is part of the British Virgin Islands-based Great Oriole Group and controlled by Thai businessman, announced the double pre-tax profits for 2008 calendar year – £7.5m compared with £3.8m in 2007.

The BVI-controlled Inver House Distillers commented the financial results saying that they “show pre-tax profit increasing by 96% in what has been another excellent year for the business”. At the same time, company’s turnover dropped to £51.5m last year, compared with £57.8m last time – on which the company blamed its “reduction in bulk trading”.

Last year, the company announced a £15m investment plan worked out by its BVI-owned parent company with the purpose to centralise its global marketing operations in Scotland. By words of Graham Stevenson, managing director of Inver House, their task is to sustain this success in “what will be a less favourable market in 2009”.

Digicel Completes US$335 Million Offering

Saturday, March 14th, 2009

On March 11, Digicel Limited announced that it closed a corporate bond offering of US$335 million, priced at a coupon of 12%. J.P. Morgan and Credit Suisse were joint book-runners on the deal.

The proceeds of this offering will be used to acquire a 35.8% stake in Digicel Holdings (Central America) Limited (DHCAL), which currently owns mobile phone operations in Panama and Honduras launched in November-December 2008. Digicel Limited will pay US$215 million for the stake in DHCAL, and from the rest proceeds will provide funding for general corporate purposes. The balance of the money raised in the transaction and not used for the acquisition will remain in Digicel Limited for general corporate purposes.

Since 2001, Digicel has become the largest wireless telecoms operator in the Caribbean; with more than 7 mln customers, it has become the leading brand in the region, and now it is entering the Central American market.