Archive for the ‘BVI company investments’ Category

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Indian air carrier brought down FDI to permitted level

Saturday, June 26th, 2010

Indian company Kingfisher Airlines brought down foreign stake from around 53% to 49%, – the percent that is within the prescribed foreign investment cap of 49% permitted in the airline business in India.  

A year ago, the Foreign Investment Promotion Board objected to the UBHL Group, which is controlling Kingfisher, in its proposal to raise Rs 708 crore by issuing fully convertible equity warrants to the British Virgin Islands-registered company FirStart Inc.
 
The reason was that this would raise FDI stake above 52%, while the maximum level prescribed is 49%. As a result, the company had to lower the FDI level within a specified period of time.

UB Group planned to use the money from the BVI company to invest in various ventures including Kingfisher Airlines, McDowell Holdings,and UB Electronics (in which it holds stakes), and Kingfisher Finvest and UB Infrastructure Projects (both wholly-owned).

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TuneWiki Ltd. received strategic investment from DOCOMO Capital

Friday, February 19th, 2010
TuneWiki  Ltd. (http://www.tunewiki.com/), BVI-incorporated provider of social media music players and related applications, announced that DOCOMO Capital, Inc. has made a strategic investment in the company in a supplemental closing to its previously announced Series B financing.
The investment of DOCOMO Capital, which is the corporate venture arm of NTT DOCOMO, Inc. (http://finance.yahoo.com/q?s=DCM), will help TuneWiki continue to build new products and expand its current offerings for mobile platforms and the Web. Using its patented technology, TuneWiki plans to launch a mobile game and significant feature upgrades to the TuneWiki social media player.
By words of Rani Cohen, CEO of TuneWiki, the BVI company was looking for strategic partners to help expand into new markets. He said that with the help of DOCOMO Capital, they can introduce lyrics to the majority of cell phone owners in Japan.
Also, TuneWiki announced the appointments of two executives: Lawrence Goldberg as chief executive operating officer and Michael Steiner as director of marketing.

TuneWiki  Ltd., BVI-incorporated provider of social media music players and related applications, announced that DOCOMO Capital, Inc. has made a strategic investment in the company in a supplemental closing to its previously announced Series B financing.

The investment of DOCOMO Capital, which is the corporate venture arm of NTT DOCOMO, Inc., will help TuneWiki continue to build new products and expand its current offerings for mobile platforms and the Web. Using its patented technology, TuneWiki plans to launch a mobile game and significant feature upgrades to the TuneWiki social media player.

By words of Rani Cohen, CEO of TuneWiki, the BVI company was looking for strategic partners to help expand into new markets. He said that with the help of DOCOMO Capital, they can introduce lyrics to the majority of cell phone owners in Japan.

Also, TuneWiki announced the appointments of two executives: Lawrence Goldberg as chief executive operating officer and Michael Steiner as director of marketing.

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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”.

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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.

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