Lenta Ltd, the BVI-registered company operating retail chain in Russia, announced that Fitch Ratings had upgraded its long-term foreign and local currency issuer default rating from ‘BB-’ to ‘BB’, and its National Long-term rating from ‘AA-(rus)’ to ‘A+(rus)’. The rating outlook is stable. The upgrade shows Lenta’s proven execution of its sales growth strategy while holding strong profitability.
It is expected by Fitch agency that the company will further strengthen its market position and increase the scale of its business over the medium term.
Nasdaq-listed resources development company China Natural Resources, Inc. announced financial results for the half of the year period ended December 31, 2015. The BVI company reported revenues of US$0.50 mln, and net loss of US$3.29 mln.
Gross margins narrowed as compared to the same period of the previous year, but despite of this fact, company’s earnings rose being influenced mainly by the improvement in operating margins. Also, the increase in company’s earnings has been influenced by improvements in operating margins, and one-time items. Pre-tax margins of China Natural Resources are now -648.73% compared to -3,976.17% in the same period of the last year.
BVI-incorporated and HK-based company Asian Growth Properties Limited, focused on China property development and investments, has received notifications from its directors which announced their respective deemed interests in the ordinary shares of US$0.05 each in the company.
Directors’ deemed shareholding interests, after the acquisition of 350,000 SEA Holdings Limited shares by Nan Luen International Limited, include: SEA Holdings Limited, which is beneficially entitled to about 97.17 per cent of the existing issued share capital of the BVI company; Nan Luen International Limited with direct shareholding interest of 65.12% of the issued share capital of SEA; JCS Limited, with direct interest of 63.58% in the issued share capital of NLI; NYH Limited with 0.609% interest in SEA.
As a result of the above acquisition, the executive director of the company, Mr. Lu Wing Chi, is deemed to have an indirect beneficial shareholding interest in 362,012,729 shares, which represent approximately 40.84% of the existing issued share capital of the company. Mr. Lincoln Lu, the executive director of the company, has an indirect beneficial shareholding interest in 132,361,334 shares, representing approximately 14.93% of the existing issued share capital of the BVI company. Another 14.82% of the share capital, or 131,327,800 shares, are held by the executive director of the company Mr. Lambert Lu.