Archive for the ‘BVI company acquisitions’ Category

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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.

Posted in BVI company acquisitions, Merger agreements, Sales of shares, Share Exchange agreements | No Comments »

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”.

Posted in BVI company acquisitions, BVI company holdings, BVI company investments | No Comments »

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.

Posted in BVI Company Bonds, BVI company acquisitions, Financing | No Comments »

Evergreen purchased by BVI company owes $463,000 in fines

Saturday, February 14th, 2009

Evergreen Pulp mill, which was sold by its HK-based owner Lee & Man Paper Manufacturing to a British Virgin Islands corporation, is still not turned around. The new difficulties for the mill, which has been shut down since mid-October, were caused by the regulators, which informed about their intent to revoke the water quality permit.

Last week, the North Coast Regional Water Quality Control Board issued a notice to revoke Evergreen’s waste discharge requirements, necessary for the mill to operate.  The new permit that can be issued by the board will be much stricter, while even the current guidelines could not be successfully met by the company. For the period 2005 to 2007 Evergreen owes $463,000 in fines, and violations of 2008 can make $500,000 or even more. The water board can transfer a permit to a new owner, but water resources control engineer considers it does not make sense as the mill cannot comply with it.

With stricter rules that would apply in the new permit, it is even less likely the mill could come into compliance. A secondary treatment of the wastewater that could be necessary can cost $15 million to $20 million, and that would give buyers a reason to pause, as the mill itself may not currently be worth such amount.

After the two subsidiaries that owned Evergreen were sold to a BVI company, the regional board was notified of facility’s sale to ACE Mills Inc. in December. But the board has not heard from ACE Mills or Evergreen since that time, so it is unknown if this company refused from the purchase of Evergreen at the last minute.

The matter will be heard on March 12. Evergreen in still listed as incorporated in Colorado, its CEO David Tsang has not returned calls or e-mail inquiries.

Posted in BVI company acquisitions, BVI company investments | No Comments »

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