BVI Company Financial News

The British Virgin Islands-registered Dehaier Medical Systems filed for an initial public offering for selling 1.25-1.5 million shares at a price of US$7 to US$9 per share. Shares will be traded under the symbol DHRM.

The BVI company is focused on developing, manufacturing and selling home respiratory and oxygen products and other medical devices in China. It has a subsidiary in Hong Kong and is the owner of a majority stake in a China-based company Dehaier Medical Technology Co. Ltd.

From the initial public offering, Dehaier Medical Systems could raise US$10 million to US$12 million.

In the first nine months of 2009, Dehaier reported a profit of US2.1 million – compared to US$980,000 reported for 12 months of 2008. Also, for this period company revenue totaled US$9.4 million – almost the same amount as for the full year 2008.

A-Power Energy Generation Systems Ltd., a BVI-registered company providing distributed power generation systems in China, has announced the closing on $40 million offering of senior convertible notes.

The proceeds of the deal are to be used primarily for purchasing components for A-Power’s wind turbine assembly business. The notes will mature in five years, and will be initially convertible at $10.637 per common share for a total amount of 1.5 mln common shares. The BVI company said it can redeem the notes starting from November 19, 2011, at 110 per cent of the principal amount, plus any accrued and unpaid interest.

Hecta Media, a British Virgin Islands-based company engaged in acquisition of niche content websites and domain portfolios, on November 14 went public on London’s AIM, having raised approximately $9.5 million. The start of the dealings in the company’s shares was expected exactly on that date, when Hecta Media reported about its plans to float on AIM.

Hecta seems to be different from such companies as domain giant Name Media who had filed for a $175 million IPO, as it is essentially by-passing the venture capital and private equity channel that Name Media passed through to raise cash on the public markets with which to acquire sites and domains. Currently, Hecta does not own any sites or domains but now when it has raised cash it will probably start.