Monthly Archives: June 2008

HK-BVI knitwear company investing $3.1 mln to set up manufacturing in Bangladesh

Hong Kong- and British Virgin Islands-based company, Messrs Rosita Knitwears (Pvt) Limited is planning to establish a sweater manufacturing industry at Ishwardi Export Processing Zone (Bangladesh). The company will invest US$ 3.192 mln in setting up the plant to produce 1.75 million pieces of sweater annually, and thus will create work places for 2,047 Bangladeshi and 30 foreign nationals.

The HK-BVI company signed an agreement on this matter with the Bangladesh Export Processing Zones Authority (BEPZA) on June 16. Md Farhad Uddin, Member of BEPZA and Che, Chit Meng, General Manager of Messrs Rosita Knitwears (Pvt) Limited signed the agreement on behalf of their organizations.

BVI-based Ascendium agrees on purchase price for China Medstar

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.

China Gengsheng Minerals, Inc. gets supply contract with China National Petroleum Corporation

China Gengsheng Minerals, Inc., leading Chinese manufacturer of materials for certain industries such as steel an oil, conducting business through its BVI-registered subsidiary Gengsheng International Corporation, announced that it has signed a fracture proppants supply contract with Jilin Oil Group Co., Ltd., a wholly owned subsidiary of China National Petroleum Corporation (CNPC). The total value of the contract for company’s oil field operations in Jilin province is $1.6 mln. By the terms of the contract, Gengsheng will start shipping fracture proppants immediately through the end of 2008.

BVI-registered King Tech publishes consolidated income statement for the year 2007

Last week, the BVI company King Tech International Limited published audited consolidated financial results for the year ended 31 December 2007, along with the comparative figures for the year ended 31 December 2006. The company also published the Notice of Annual General Meeting which will take place in Hong Kong on July 9.

The consolidated income statement for the year ended 31 December 2007 included following figures (in RMB):

Revenues received -  9,086,055 (compared to 3,340,955 for the year period of 2006);
Gross profit -  2,343,873 (in 2006 – 406,916);
Other operating income -  526,551 (342,380);
Total Equity Amount (capital and reserves) – 25,771,757 (18,310,149).
Cash and cash equivalents – 1,873,976 (3,676,269);
Total Current Assets – 10,900,212 (7,537,251 in the year 2006);
Total assets amount in the year period ended 31 December 2007 made 48,989,468 (in 2006 – 32,720,979).

The company King Tech International Limited (formerly Phoenician Corporation III Limited) was incorporated in BVI on November 17, 2006, and admitted to trading on the PLUS Market on 25 May 2007. Registered office of the company is located at Trident Trust Company (B.V.I) Limited, Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands.