Monthly Archives: October 2019

BVI Holding company launches port expansion project in Pakistan

Hutchison Port Holdings, a private holding company registered in the British Virgin Islands and headquartered in Hong Kong, has started port expansion project in Pakistan. The Group Managing Director had a meeting with the Prime Minister of Pakistan Imran Khan and with Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, where he presented Hutchison Ports’ global network consisting of 52 ports and including the operations in Karachi for over 20 years. During the meeting, the director of the BVI holding was accompanied by Mr. Andy Tsoi, Managing Director Middle East & Africa and other senior executives of Hutchison Ports.

Hutchison Port Holdings confirmed the commencement of the construction of the second phase of Pakistan Deep Water Container Port project with US$240 million of new investment, to achieve a handling capacity of 3.2 million TEU upon completion. Total investment of Hutchison Ports in Pakistan will annually bring over US$96 million to the government in the form of taxes and concession fees.

Also, the representative of the BVI company highlighted the technologies and industrial practices brought to the country by Hutchison Ports, the most recent of which was Regional Operations Centre. The port industry of Pakistan for the first time received such technologies as the remote-controlled ship-to-shore cranes and semi-automated yard cranes.

21Vianet Group entered into share purchase agreement with BVI-registered Personal Group Limited

21Vianet Group, Inc., a leading carrier- and cloud-neutral Internet data center services provider in China, entered into an agreement with Personal Group Limited, the company registered in the British Virgin Islands and wholly owned by Mr. Sheng Chen, the Executive Chairman of the Board of Directors of 21Vianet Group. Under the terms of the agreement, the Chinese company will issue up to 60,000 newly created Class C ordinary shares to Personal Group Limited, at a price of US$1.35 per share and subject to certain existing shareholders’ participation right. The issuance has been approved by the company’s audit committee and board of directors.

Under the investor right agreement, two of the existing shareholders of 21Vianet Group, King Venture Holdings Limited and Xiaomi Ventures Limited, have the participation right to subscribe up to 5,049 and 1,468 Class C ordinary shares, respectively, on the same terms as the Purchaser; if their participation right will be exercised, the number of shares issued to the BVI company will be reduced accordingly.