Archive for December, 2009

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China Cablecom reports unaudited results for Q3 2009

Friday, December 11th, 2009

China Cablecom Holdings, Ltd., a BVI-registered joint venture provider of cable television services in China, reported its unaudited financial results for the third quarter of 2009.

The financial results for the period ended September 30, 2009 included both pro forma and actual financial results due to the completion of China Cablecom’s acquisition of 60 per cent interest in Hubei Chutian Video & Information Network late in the second quarter of 2008. Pro forma third quarter results reflect both Hubei acquisition and business combination with Jaguar Acquisition Corporation.

During the reported period, the consolidated revenues of the company were $11.7 million, compared to revenues of $9.4 million for the third quarter of the last year. The increase in revenues was mainly due to the growth in paying subscribers. Consolidated operating expenses were $4.9 million compared to $5.5 million for the third quarter of 2008. Net comprehensive loss for the third quarter of 2009 was 2.9 million, or $0.30 per share (basic or diluted), – compared to a net comprehensive loss of $4.5 million or $0.48 per share in the same period last year.

By words of chief executive officers of the BVI company, company’s primary focus for 2009 was on growing cable operations. They said also that during the fiscal year China Cablecom has delivered 18% rate of growth despite the weakening of global financial markets, this quarter adding 42,739 paying subscribers.

Posted in BVI company interim financial results, Unaudited financial results | No Comments »

BVI-registered Homeland Energy Group completes private placement with GMR Energy Limited

Monday, December 7th, 2009

Homeland Energy Group Ltd., a coal producing company with operations in South Africa, registered in the British Virgin Islands and publicly traded on TSX entered into an agreement with Nedbank Capital, a division of Nedbank Limited, to amend the terms of the existing credit facility.
 
Under the terms of the agreement, Homeland is to invest R70 million by January 2010. The first step to meet this obligation for the BVI company was to complete private placement with GMR Energy Limited, which is its largest shareholder, by issuing up to 27,465,100 common shares, or 10% of the Company’s current outstanding capital. In anticipation of this private placement, Homeland has received an advance from GMR of approximately CAD$2.7 million. Also, as required under the amendment of the credit facility with Nedbank, GMR has agreed to loan to the BVI company approximately CAD$4.2 million by November 30, 2009.

Homeland Energy Group is currently exploring its alternatives to raise the balance of the funds required to satisfy Nedbank, including rights offering. If such rights offering is undertaken, GMR will be entitled to have the loan repaid to the extent of their participation in the rights offering.

The required sum of R70 million will be reinvested in the business through working capital, ongoing commissioning requirements and necessary capital expenditures. This is necessary to establish the required infrastructure to access the life of mine reserves.

Posted in BVI Company Private Placement, Loans & Repayments | No Comments »

Sina completes share transaction with BVI holding controlled by Sina management

Friday, December 4th, 2009

Sina Corp., Shanghai-based operator of Chinese websites, announced that it had completed the sale of 5.6 million shares to a British Virgin Islands holding company for the sum of $180 million. New-Wave Investment Holding Co. Ltd. is a BVI company established and controlled by Sina’s president and CEO Charles Chao and other members of Chinese company’s management.

Under the terms of the financing agreements, shareholders of New-Wave are primarily among Sina’s management team. The alternative investment management company CITIC Capital Holdings Ltd., private equity firm FountainVest Partners and private investment partnership Sequoia Capital China are preferred shareholders.

Sina is going to use the proceeds for acquisitions and general corporate purposes.

Posted in Sales of shares | No Comments »

BVI holding FGX reported third quarter financial results

Tuesday, December 1st, 2009

British Virgin Islands-incorporated holding FGX International Holdings Ltd. announced financial results for the third quarter of 2009, where reported that its earnings from continuing operations more than doubled during this period. Company’s profit made $6.83 million, or 30 cents a share, up from $4.01 million, or 18 cents a share, in the same quarter previous year. BVI company’s revenue rose 14% and made $60.58 million.

The reason for increase in earnings was that company’s acquisition of Dioptics Medical Products continued to raise sales. The Dioptics products sales gave growth to company’s sunglasses business. An increase in revenue from both sunglasses and prescription frames was 70%, and from overseas markets it was 67% – covering the 12% decline in sales of reading glasses. However, international segment of the company benefited from the expansion of a reading-glasses program at a major Canadian chain, and the total drop in sales was attributed to a “shift in the timing of two large program updates.”

In the third-quarter of 2009, FGX International reported the increase of gross profit of 59.3% from 58% in the previous year, due to good product mix, lower product costs and reduced freight fees. Earnings from continuing operations of the company rose 113%, while total operating expenses fell 3%.

The BVI holding company expects sales to grow by 4% or 8% and earnings to increase 20% to 30% next year. It also plans to get a greater benefit from the second year of advertising reading glasses.

Posted in BVI company holdings, BVI company interim financial results, Unaudited financial results | No Comments »

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