Archive for the ‘BVI company investments’ Category

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BVI-based Ascendium agrees on purchase price for China Medstar

Sunday, June 22nd, 2008

On Wednesday last week, PRC-based China Medstar Ltd. and British Virgin Islands company Ascendium Group Ltd. reached an agreement concerning the terms of Ascendium’s recommended offer to purchase Medstar for 62 pence per share in cash. The price represents a premium of about 96.8% to Medstar stock’s closing price on May 1, and its value is about 17 mln pounds. It was also said that the BVI company has acceptances for 79.35% of China Medstar.

The BVI-based Ascendum is held by Concord Medical Services Holding Ltd., for purposes of making acquisitions and investments in the Chinese medical equipment market.

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

BVI-domiciled company markets $100M turnaround fund to invest in Egyptian enterprises

Sunday, May 25th, 2008

British Virgin Islands private equity firm shop Sphinx Capital Corp. is currently marketing a US$100 mln turnaround buyout fund Sphinx Turnaround Fund, to invest in small and medium enterprises in Egypt. The fund is planning to invest $10 million to $15 million, to acquire majority or controlling stakes in distressed or defaulting companies. The first closing is targeted to occur in July, with committed capital of $75 million. The International Finance Corp is making an equity commitment of up to $20 million in the fund.

Major part of BVI-registered Sphinx Capital Corp. is owned by Citadel Capital, an Egyptian firm founded in 2003 by Ahmed Heikal and Hisham El-Khazindar.

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

Talon Metals Corp. to acquire new gold Project in Brazil for USD 250,000

Thursday, February 28th, 2008

Talon Metals Corp.  announced that it has signed a binding Letter of Interest with Sagitario Servicos Minerais S/C Ltda, for the acquisition of a 100% interest in the Barra do Franca Gold Project, which is located in Piaui State in the northeastern region of Brazil.

The BVI-domiciled corporation is planning to prospect the area to assess the potential of the known gold mineralisation as a bulk mineable near surface target. In terms of the agreement, Talon must pay US$15,000 to secure the option on the Project and conduct a due diligence review (this payment has already been made). It will also pay US$85,000 on May 11, 2008, and US$150,000 on February 11,2009 to acquire a 100% interest in the Project. Sagitario will retain a royalty of 1% net smelter return that can be acquired by Talon at any time, through the payment of US$500,000.

Barra do Franca Gold Project will be managed and operated by Brazmin Ltda – a Brazilia-based subsidiary of Talon. The Project is located in the southeastern part of the State of Piaui. The Project is in an area with reasonable infrastructure and consists of an Exploration License of approximately 893 hectares.

Subsequent to the Letter of Interest, Talon has independently applied for and been granted mineral rights to an additional 7,864 hectares in four Exploration Licenses that cover the eastern and western strike extensions to the mineralized zone in the Project. Talon has undertaken further exploration to identify the priority targets in the mineralized zone; the results are expected in March. Talon reserves the right to withdraw from this agreement at any time.

Talon is the holder of 4,935,500 common shares of Brazauro Resources Corporation, and 2,450,000 common shares of Beadell Resources Limited. Total assets of the company make approximately CDN$14 million.

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BVI-controlled corporation purchases 10% of Berjaya Corp’s subsidiary for RM100 million

Monday, December 17th, 2007

Cosway Corporation Bhd is selling a 10% stake in its wholly owned subsidiary Cosway (M) Sdn Bhd to US-based Madison County LLC, for the amount of RM100 mln cash or about RM6.45 per share. Madison was established on November 29 this year, and its principal activity is investment holding. Its main shareholder is Penta Strategic Partners SPC, incorporated in the British Virgin Islands.

The 10% purchased stake represents 15.50 mln shares of RM1 each, according to Cosway Corporation, which is a 98.93% subsidiary of Berjaya Corporation Bhd. It was said in an announcement to press that the RM100 million took into consideration the net assets, the past earnings record and the future earnings potential of Cosway (M) group.

According to Berjaya Corporation chairman and chief executive officer Tan Sri Vincent Tan, Madison’s investment was a vote of confidence in the future earnings and growth prospects of the Cosway (M) group.

Cosway (M), which was established in 1980, is involved in the direct sale of household, personal care, healthcare and other consumer products. The company has expanded its network to Australia, Brunei, Hong Kong, India, Macau, Singapore, Taiwan and Thailand. The net asset of the company, based on its audited accounts as at April 30, 2007 was RM124 million. The sale consideration of approximately RM6.45 per Cosway (M) share represents an attractive premium of 706%, that is RM5.65 per Cosway (M) shares over its net assets per share.

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