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.
Artificial intelligence technology company Insilico Medicine, Inc., which created joint venture with BVI-registered holding Juvenescence Limited, recently completed a US$37mln funding round led by Qiming Venture Partners and joined by Eight Roads, F-Prime Capital, Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Pavilion Capital, BOLD Capital Partners and other investors.
The Series B funding will be used to commercialize the validated generative chemistry and target identification technology, as well as to build a senior management team with the experience in the pharmaceutical industry and to further develop specific therapeutic programs.
Insilico Medicine has developed and validated a comprehensive drug discovery pipeline and identified targets in a variety of therapeutic specialties, among them cancer, fibrosis, NASH, immunology and CNS. Through a network of joint ventures, including that with the BVI company, Insilico Medicine is powering the new digital-age biopharmaceutical industry.
Lenta Ltd, one of the largest retail chains in Russia, incorporated in the British Virgin Islands, announced its reviewed consolidated IFRS results for the half year ending 30 June 2019. In the reported period, total sales grew 3.1 per cent, including retail sales growth of 7.2 per cent and wholesale decline of 62.2 per cent. Gross margin of 22.5 per cent increased as a share of low-margin wholesales business declined in total sales, and retail margin remained almost flat. SG&A rose to 19.1 per cent of sales.
Net interest expenses were Rub 4.7bn, an increase of 1.8 per cent compared to 1H 2018; net loss was Rub 4.5bn with negative Net Profit margin of 2.2% compared to Net Profit of Rub 5.2bn in 1H 2018 with Net Profit margin of 2.7%. Net cash generated from operating activities before net interest and income taxes was Rub 6.1bn compared to Rub 5.1bn in 1H 2018 with an increase of 20.8%.
As of 30 June 2019, Lenta’s capital expenditures were Rub 5.6bn, a decrease of 46.7% compared to 1H 2018 (Rub 10.5bn), and net debt was Rub 99.3bn, compared to Rub 93.3bn at the end of 2018.
In the first half of 2019, a combined total of 78.73% of Lenta’s issued and outstanding voting shares were purchased by Severgroup LLC from TPG, EBRD and minority shareholders. The four vacated seats on the Board were filled in with the nominees of Severgroup.
Origin Agritech Limited, BVI-registered agriculture technology and rural e-commerce company in China, published its unaudited financial results for six months period ended March 31, 2019. The company reported net revenue of RMB82.2 mln (US$12.2 mln) during this period, compared to RMB3.6 mln for the first half year of Financial Year 2018. The total gross profit of the seed business in the first half of FY2019 was RMB19.0 mln (US$2.8 mln).
The BVI company reported total operating expenses for the six months ended March 31, 2019, which made RMB18.1 mln (US$2.7 mln), less by 57% from RMB42.0 mln for the same period of the previous year. The reason for the decrease was the turnaround effort in the general and administrative expenses. Due to company’s returning to the seed business, its selling and marketing expenses for the reported period were RMB2.5 mln (US$0.4 mln), compared to RMB0.7 million a year ago. General and administrative expenses declined 70% and made RMB8.4 mln (US$1.3 mln), and research and development expenses were RMB7.1 mln (US$1.0 mln), down from RMB13.1 mln for the first half of FY2018.
Total operating income of the company for the first six months of FY2019 was RMB0.9 mln (US$0.1 mln), which is a significant change from the operating loss of RMB42.8mln in the previous year. Net income of Origin for the reported period of 2019 was RMB1.2mln (US$0.2mln), as compared to the net loss of RMB25.3 million in the first half of FY2018.
As of March 31, 2019, cash and cash equivalents were RMB5.8 million (US$0.8 million), an increase of RMB3.8 million from the cash and cash equivalents of RMB2.0 million as of September 30, 2018.