Archive for June, 2010

Indian air carrier brought down FDI to permitted level

Saturday, June 26th, 2010

Indian company Kingfisher Airlines brought down foreign stake from around 53% to 49%, – the percent that is within the prescribed foreign investment cap of 49% permitted in the airline business in India.  

A year ago, the Foreign Investment Promotion Board objected to the UBHL Group, which is controlling Kingfisher, in its proposal to raise Rs 708 crore by issuing fully convertible equity warrants to the British Virgin Islands-registered company FirStart Inc.
 
The reason was that this would raise FDI stake above 52%, while the maximum level prescribed is 49%. As a result, the company had to lower the FDI level within a specified period of time.

UB Group planned to use the money from the BVI company to invest in various ventures including Kingfisher Airlines, McDowell Holdings,and UB Electronics (in which it holds stakes), and Kingfisher Finvest and UB Infrastructure Projects (both wholly-owned).

Posted in BVI company contracts, BVI company investments | No Comments »

Orca Exploration announces raising of capital through the rights issue

Saturday, June 19th, 2010

Orca Exploration Group, a public company registered in the British Virgin Islands and focused on natural gas exploration, production, development and marketing, made an announcement that its Board of Directors approved raising of approximately Cdn$19.2 mln before expenses. The transaction will be conducted by way of rights issue. Under the terms of the rights issue, the BVI company will issue maximum of approximately 4,915,687 Class B shares, which makes approximately 18% of Class B Shares currently issued and outstanding. 

The subscription price is Cdn$3.90, representing a 11% discount to the closing price of the Class B shares on 14 June, 2010, which was Cdn$4.40.

The completion of the rights issue is not conditional upon Orca Exploration receiving any minimum amount of subscriptions. According to the Chairman and CEO of the BVI company, the capital raised by the rights issue, along with cash coming from expanding Tanzanian operations, will be used to add value through the exploration prospects in the Elsa field offshore Italy and the other offshore Tanzania. The received funds will also strengthen company’s ability to take advantage of additional exploration and development opportunities.

Posted in BVI Company projects, Financing | No Comments »

BVI Fund receives record gains in May 2010

Monday, June 14th, 2010

Hedge fund management company Laureate BVI Ltd. announced financial results for May 2010. The fund profited in short positions on the Euro and Global Stock Exchanges, having recorded phenomenal gains of 4.27%. With year-to-date returns now make 17.73%, the fund is ranked in the upper 1% of the top performing global hedge funds.

BVI Fund’s CEO Peter Tasca stated in his monthly report that the portfolio is trading as expected.

According to independent data compiled from different sources, Laureate’s investment strategies have outperformed 98% of the world’s most successful funds over a 3-year, 5-year and 10-year average.

Posted in Unaudited financial results | No Comments »

UTi Worldwide reports financial results for the first quarter

Monday, June 7th, 2010

UTi Worldwide Inc., British Virgin Islands-registered freight logistics company, providing supply chain management and optimization solutions, announced tits fiscal results for the first quarter of 2011. In the period ended April 30, 2011, the earnings of the company rose 2%; the BVI company said that first-quarter shipments for air and ocean were “very close” to pre-recession level, which was in the same quarter two years ago. However, company’s freight forwarding results were constrained by yield pressure caused by very tight capacity and higher transportation rates.

In the quarter ended April 30, UTi Worldwide’s net income was US$10.1mln, or $0.10 per diluted share, – compared with US$9.8mln a year ago. Company’s operating expenses were 19 % higher, but revenue increased by 37% and made US$1.06 billion. Net revenues were US$365.7mln, this is a 18% increase from US$309.5mln.

The BVI company reported operating income in the amount of US$19.0mln, – a 6% increase from US$17.9mln. The profit expected by analysts was 9 cents per share on revenue of US$921.8mln.

Posted in Unaudited financial results | No Comments »