SINA Corporation, a leading online media company and value-added information service provider in China, announced that it has entered into a definitive agreement with the British Virgin Islands-registered company New-Wave Investment Holding Company Limited, established and controlled Sina’s CEO and other company’s managers.
The companies have agreed upon a private equity placement of Sina’s ordinary shares with the BVI company. At the closing of the transaction, Sina will receive gross proceeds of USD 180 mln, and New-Wave will receive approximately 5.6 mln ordinary shares in Sina. Sina expects to use the financing proceeds of share placement for general corporate purposes and future acquisitions. By words of Yan Wang, Chairman of Sina, this private placement “will enhance Sina’s liquidity position and ability to execute on strategic undertakings.”
The closing of the financing is subject to customary conditions. The shares issued to the BVI company will be subject to a six month lock-up, and will have customary registration right pursuant to a Registration Rights Agreement entered into between Sina and New-Wave.
Playtech Limited, the BVI-registered company offering the design, development and software solutions for online gaming industry, announced its unaudited interim results for the six months period ended 30 June 2009. The Playtech Group reported gross income up by 29.8%, from €51.6 mln in 2008 to €66.9 mln in 2009. Total revenues of the group have also grown and made €56.7 – an increase of 9.8% if compared to the same period of 2008.
Playtech reported the adjusted net profit up by 19% (from €36.2 mln in the first half of 2008 to €43.0 mln in 2009). Adjusted net profit margin for the first six months of 2009 made 76% (70% in 2008). The company reported strong cash position of €48.7 mln at 30 June 2009. Interim dividends were up 17.1% compared to the first six months of 2008 ( 8.9 € cents per share and 7.6 € cents per share, respectively).
Net profit of Playtech Limited increased 37.5% to €32.4 mln (compared to €23.6 mln in 2008). EPS for the period were 13.6 € cents, 10.8 € cents per share in the same period being reported for the same period of 2008.
It was noted by the company’s CEO that Playtech’s diversified licensee base has allowed them to retain positive trading performance and achieve significant growth over the same period of 2008. The Playtech Limited Group’s revenues rely on the development of its existing products, and the investments into new products, which allow the Group to improve its overall product offering, penetrate new markets, facilitate future organic growth and increase the portfolio of its licensees and gain additional markret share and increase revenues.
Telecommunications holding group China Mobile Limited, which includes several BVI-, Chinese and Cayman-based companies, and whose major shareholder is China Mobile Hong Kong (BVI) Ltd., announced its results for the six months ended 30 June 2009. The interim results of the company reflected challenges that the Group has met in this period – including macroeconomic slowdown and changes in the competitive environment of the telecommunications industry in China. However, Group’s overall business development remained stable and profitability was favorable.
China Mobile Ltd reported the growth of operating revenue by 8.9%, up to RMB212.9 billion in the first half of 2009. Profit attributable to shareholders was up 1.4%, and made RMB55.3 billion. Margin of profit attributable to shareholders reached 26%. The reported EBITDA level was RMB109.9 billion, representing 5.8% increase compared to the same period of the last year. Basic earnings per share reached RMB2.76 – 1.3% increase if compared to the same period of 2008.
In the first half of 2009, the BVI-controlled group reported continued growth in its customer base, value-added business and voice usage volume. The net addition of new customers was 35.87 mln, total number of customers being 493 mln.
Taking into consideration company’s favorable operating results for the first half of 2009 and its long-term future development, based on the dividend payout plan for the full year of 2009, company’s Board recommended payment of an interim dividend of HK$1.346 per share for the six months ended 30 June 2009.
British Virgin Islands-registered OpenTV Corp announced financial results for the second quarter of the year ended June 30, 2009. In this period, OpenTV’s revenues were $27.6 mln, compared to $26.8 mln for the second quarter of 2008. Royalties and licenses revenues made $19.5 mln – a 7.1% increase compared to the same period of the previous year. Services and other revenues decreased 5.8% and made $8.1 mln. Net income for the second quarter of 2009 was $1.7 mln, or $0.01 per share, compared to breakeven results for the second quarter of 2008.
Also, in this period of 2009 the BVI company reported cash used in operations in the amount of $2.6 mln, compared to cash flow from operations of $5.8 mln in the comparable 2008 period. As of June 30, 2009, OpenTV had a balance of $38.7 mln in deferred revenue – quite a large decrease compared to $33.2 mln as of December 31, 2008.
As of June 30, 2009, OpenTV had cash, cash equivalents and short and long-term marketable debt securities totaling $111.3 mln, compared to $102.8 by the end of the year 2008. For the second quarter of 2009, total contribution margin from BVI company’s operating segments was $8.7 mln, compared to $8.2 mln in the second quarter of 2008.