Archive for the ‘BVI company investments’ Category

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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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BVI company makes $217mln purchase offer to Trans World Entertainment Corp

Sunday, December 9th, 2007

The BVI company Sherwood Investments Overseas Ltd. announced last week that it has offered to buy music retailer Trans World Entertainment Corp. for $217 mln. Trans World was operating F.Y.E., a more-than-950-store music retail chain.

The $7-share offer was made in a letter to the board of Albany, N.Y.-based Trans World by Sherwood Investments, a  BVI-corporation headed by Julian Benscher, with a Windermere mailing address inside Isleworth. The BVI company, which said it owns 4.95% of Trans World shares, offered to buy the rest of the company because it thinks its properties are worth $8 a share. Meanwhile, Trans World had offered this month to buy the part of minority shareholders for $5 a share.

A message left with Trans World’s CFO John Sullivan was not immediately returned.

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Regal’s Ukrainian operations after entering into an agreement with BVI company: oil major Shell goes out of the deal

Tuesday, December 4th, 2007

Anglo-Dutch oil major Shell has gone out of a deal to take a 51% stake in the Ukrainian gas assets of UK’s explorer Regal Petroleum PLC. This decision followed Regal’s appointment of a new chief executive, and was explained in Shell’s statement by the fact that the management change at Regal was not expected by Shell, and their memorandum of understanding was agreed with the previous management team.

Last week, Regal announced that chairman Francesco Scolaro and chief executive Neil Ritson had resigned, and both posts will be taken by David Greer – until recently a senior Shell employee.

Regal lost two appeals against the above ruling, before entering into an agreement with British Virgin Islands-registered company Alberry Ltd, to help have the licences upheld. In return for this service, Alberry was invited to purchase ordinary shares of Regal Petroleum Corp. Limited (RPC), making 15% of RPC share capital, for £100,000 in cash. Keeping the remaining 85% of RPC, Regal agreed to buy this stake back for $51 million in case the BVI company would be successful.

In December 2006, the UK company announced that all actions had been dismissed by the Ukrainian supreme court; in June 2007, Regal said it paid Alberry 13,910,623 Regal shares £30 million worth to buy back the stake.

RPC is an indirect subsidiary of Regal Petroleum PLC and the holding company for Regal Petroleum PLC in Ukraine. Regal re-commenced the production from its operations in Ukraine in August 2006, but the Ukrainian assets of the company are still in the centre of legal disputes, already for two years.

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Indian Hotels acquires a stake in Orient-Express Hotels through BVI-domiciled Samsara Properties

Tuesday, October 9th, 2007

Indian Hotels acquired the 10% stake in Orient-Express Hotels, through its wholly owned subsidiary Samsara Properties, which is registered in the British Virgin Islands. Purchase price made $211.28 million (Rs 857 crore).

The BVI-incorporated Samsara purchased almost 4.25 million shares between August 17 and September 14 from the market. It was done after the company received a loan of $300 million from London-based Tata Ltd., which carries an annual interest rate of 6.25%. On August 20, Samsara drew $135 million under the terms of the loan agreement; the amount of another $100 million was drawn by the company on September 11, and later a final sum of $65 million.

Now IHC want to discuss forming an alliance with Orient-Express Hotels that would probably include combination of the international properties of the two companies. In a filing with the SEC, it said it had delivered a letter last Friday to James B. Hurlock, chairman of Orient-Express Hotels. After the proposed dialogue with Orient-Express, IHC and Samsara would review their ivestment in the company on a regular basis. Then, the company would decide whether to acquire additional shares in the company or dispose of all or a part of the shares is has bought.

By words of IHC vice-chairman R.K. Krishna Kumar, “The possible combination of the two brands will create a powerful competitive advantage.”

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