Archive for the ‘BVI company contracts’ Category

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BVI company acquires China-based HR solution and service provider

Thursday, September 22nd, 2011

Pansoft Company Limited, a British Virgin Islands-registered provider of ERP software and professional solutions for oil and gas industry in China, has signed an agreement to acquire all of the equity interests of Hefei Langji Technology Co., Ltd. and its wholly-owned subsidiary, Shanghai Zhongrui, on September 9, 2011. The total purchase price of the company, which is approximately US$1.69 million, is payable in four installments. The first installment will represent 35% of the total purchase price, and will be paid in a combination of cash and the common stock of the BVI company; the three other installments are required to be paid on an annual basis over the next three years in a combination of cash and the common stock of the company.

One of the companies acquired by Pansoft, Hefei Langji Technology, is the leading HR solution provider to China’s coal-mining industry. Shanghai Zhongrui is Shanghai-based sales and marketing arm of Langji. It will remain Langji’s subsidiary and will focus on small and medium-sized companies in other industries.

A part of the acquisition consideration will be paid from shares repurchased by Pansoft on the open market. As of September 15, 2011, Pansoft had repurchased more than 157,000 of its common shares, which will be used to fund the acquisition.

Posted in BVI Company projects, BVI company acquisitions, BVI company contracts | 1 Comment »

Chinese insurance company receives acquisition proposal from BVI company

Monday, May 16th, 2011

On May 14, 2011, Cninsure Inc., an independent insurance intermediary company operating in China and listed on Nasdaq, received a preliminary non-binding proposal letter from TPG Asia V MU, Inc., Kingsford Resources Limited, a company registered in the British Virgin Islands, and CDH Inservice Limited, to acquire all of the outstanding ordinary shares of the company. The shares are to be purchased in a going private transaction for US$19.00 per ADS, or US$0.95 per ordinary share, in cash, subject to certain conditions.

The Board of Directors is reviewing and evaluating the proposal, there can be no assurance that any definitive offer will be made, any agreement will be executed or this or any other transaction will be approved or consummated.

Cninsure Inc. is distributing a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services.

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

BVI-based Southern Field Ltd to purchase stake in Philippines firm

Tuesday, April 26th, 2011

Philippines farming company AgriNurture, Inc. has sold a 6.4% stake in its company to investors, that is over 14.8 million shares, to raise P110 million for its five-year expansion plan. The shares were sold to the British Virgin Islands-registered firm Southern Field Ltd., and a businessman named Apolinario Gomez at the price of P7.42 a piece, this is about 3.5% lower that the shares’ previous closing price of P7.69. The individual subscriber, Mr. Gomez, purchased 10 million shares worth P74.2 million, while the foreign investor took the balance of some 4.82 million shares for P35.8 million.

Southern Field’s new shares come on top of its previous purchase of around 4.03 million shares, raising the BVI company’s stake in AgriNurture to 4.06%. As of last month, Southern Field also held a minority stake in the firm named MUSX Corp.

AgriNurture Chief Executive Officer Antonio L. Tiu said that the money raised from these shares are only part of the required capital expenditure for company’s long-term expansion plan worth P2 billion.

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

LJ International enters into agreement to raise US$41 mln

Friday, April 15th, 2011

NASDAQ-listed company LJ International Inc., incorporated under the law of the British Virgin Islands and conducting its business mainly in China, entered into a definitive agreement for a private placement of shares of its indirect wholly-owned subsidiary Enzo Jewelry, Inc., with a consortium of investors led by the private equity firms FountainVest Partners and Spring Capital Asia.

FountainVest Partners is one of the largest private equity funds dedicated to investing in China and focused on companies that are leading in the industry. Spring Capital Asia is an independent private equity firm that invests exclusively in China, and is one of the leading growth investors in Chinese companies operating in the lower mid-market.

The investors have agreed to make an initial investment of US$41.38 million, including an investment of US$31.40 million in newly issued ENZO shares and an acquisition of existing shares of ENZO from LJI in the amount of US$9.98 million.

As a result of the transaction, the investors will hold approximately 28.27% of ENZO’s total issued share capital in the form of a newly created class of redeemable convertible preferred shares. LJ International intends to apply the net proceeds from the investment towards capital expenditures for new store openings, marketing expenses and general working capital. The closing of the investment transaction is expected to be completed during the current quarter of the year.

Posted in BVI Company Private Placement, BVI company contracts, BVI company investments | No Comments »

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