Monthly Archives: July 2011

BVI company announced disclosure of deemed shareholding interests of its executive directors

The board of directors of Asian Growth Properties Limited, the property development and investment company headquartered in Hong Kong and incorporated in the British Virgin Islands jurisdiction, has received notifications from the executive directors reporting their respective deemed interests in the ordinary shares of US$0.05 each in the company.

About 97.17% of the existing share capital of Asian Growth Properties are beneficially owned by SEA Holdings Limited. On 14 July 2011, Nan Luen International Limited has acquired additional SEA shares and all the SEA shares repurchased by the company on 29 June 2011 were cancelled. After these transactions, Nan Luen International increased its shareholding interest in SEA to about 59.65%.

JCS Limited has 63.58% interest in the issued share capital of Nan Luen International. In its turn, NYH Limited is interested in 25% of the issued share capital in each of the two companies, which are interested in a total of 1.243% of the issued share capital of SEA.

After the acquisition and cancellation, Mr. Lu Wing Chi, an executive director of Asian Growth Properties Ltd., is deemed to have an indirect beneficial shareholding interest in 271,745,264 shares that represent approximately 30.66% of the existing issued share capital of the BVI company; another executive director of the company, Mr. Lambert Lu, is deemed to have an indirect beneficial shareholding interest in 69,847,383 shares, representing approximately 7.88% of the existing issued share capital of Asian Growth Properties Ltd.

CIC Energy reported financial results for Q2 2011

BVI-registered CIC Energy Corp. reported financial results for the second quarter of 2011. For the three month period ended May 31,2011, the BVI company reported net loss of US$9,140,499 or $0.17 per share (basic and diluted), compared to the net loss of US$2,201,669 or $0.04 per share for the second quarter of 2010.

For the six month period ended May 31, 2011, the net loss was US$14,697,592 or $0.28 per share (basic and diluted), compared to a loss of US$5,466,991 or $0.10 per share for the same period last year. The year-over-year increase in net loss is primarily dueto the impairment of certain capitalized costs related to the non-renewal of the Mmamabula South exploration licence and the Coal-to-Hydrocarbons project.

As of May 31, 2011, capital expenditure on exploration properties was US$169,926,444, with capitalized exploration costs for the first half of 2011 totaling $3,048,721.

BVI company announced annual results of operations

China Natural Resources, Inc., the British Virgin Islands-incorporated company based in China, released results of operations for the year ended December 31, 2010, derived from the company’s audited financial statements.

In the reported year, China Natural Resources recorded total sales revenue of US$15.26 million, down by 6.44% from the year 2009. In 2010, company’s income attributable to shareholders was US$86.94 million, almost two times higher than last year, of which US$94.47 million was derived from the bargain purchase gain relating to Guizhou Puxin’s acquisition.

The BVI company reported net income per share (basic) in the amount of US$3.87, net income for diluted share was US$3.82.

The company announced that its prime focus now is coal mining business, the sales of coal to become the main source of revenue in the next years.

China Natural Resources, Inc. is currently engaged in the acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sale of iron, zinc and other nonferrous metals, located in Anhui Province in the People’s Republic of China, and acquisition, development and production of coal resources in Guizhou Province in the PRC.

BVI company to receive cash proceeds on disposal of its subsidiary

Polo Resources Limited, the mining and exploration investment company domiciled in the British Virgin Islands, noted the announcement published with respect to an offer by Guangdong Rising (Australia) Pty Ltd to acquire 100% of the issued shares of Caledon at a price of 112p per share. Polo Resources holds an interest of approximately 29.8% in the issued share capital of Caledon, in addition to £2.5 million of Caledon’s 8.5% unsecured Covertible Loan Notes issued in 2010.

In case the proposed acquisition of Caledon will be completed by Guangdong Rising at the announced price, Polo will receive total proceeds on disposal of its interest of approximately £100 million equivalent to approximately 4.36p per issued Polo share.

Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources, said in his comments that “The disposal of our interest in Caledon will provide the company with £100 million in additional liquidity. Subject to and upon completion of the sale and receipt of cash proceeds, the Board of Polo intends to utilise part of the proceeds to fund a special dividend to shareholders of 1p per share.
Polo’s strategy is to identify assets, listed and private, which have the potential to increase shareholder value…”