Archive for the ‘BVI Companies Acquired & Sold’ Category

BVI-based airline closes sale agreement with NY-based bank, and gets new CEO

Thursday, March 20th, 2014

Last week, BVI Airways closed the sale of the airline to a NY-based merchant bank, under the terms which have not been made public. The identity of the new ownership group also stays undisclosed.

With this sale, Jerry Willoughby, longtime aviation industry executive, joined the co-founder and chief operating officer of the BVI-based airline Luke Smith, in the role of company president and CEO. Having started his career in the US Air Force, Willoughby has more than 35 years of experience in both military and civil aviation, with extensive expertise in passenger and cargo operations. He was working with Delta Air Lines, where he spent more than 17,500 hours as an international check captain, operating the L1011, B757, B767 and MD80 aircraft. Over the past years, Willoughby has worked as an aviation consultant with an emphasis on management, auditing, regulatory compliance and start-up airline certification.

In the next weeks, BVI Airways will add new aircraft to its fleet; by words of the new CEO, this will also mean new destinations, and the airline has plans to better connect the Eastern Caribbean.

South African low cost carrier acquires BVI-registered Global Airways

Friday, December 13th, 2013

1time Airline (Pty) Ltd, a South African low cost airline which terminated its service in 2012, has entered into a binding agreement with Global Aviation Holdings Limited and Pak Africa Trade Zone Proprietary Limited, to purchase 100% of Global Airways Limited. Global Airways is a British Virgin Islands-incorporated entity, established in 2010, involved in the leasing, chartering, acquisition, refurbishment and heavy maintenance of its planes, and holding a maintenance and control centre in Johannesburg.

The consideration of the acquisition will be R21.6 million, to be settled by issuing 720 million shares, which are subscription shares of 1time at an issue price of 3 cents per share. 270 million of them will be given to Global Aviation, and 450 – to Pak Africa Aviation. Currently there are 280 million shares of 1time Holdings, so current shareholders of 1time will own 28% of the company, Pak Africa will own 45%, and Global Aviation will be the owner of 27%.

Global Airways holds the Airline Operators Certificate for both unscheduled and scheduled flights, so this acquisition will allow 1time Holdings to recommence its services as a low-cost carrier.

South African exploration company acquires mining claims through the BVI incorporated Lefever Finance

Thursday, September 4th, 2008

The Central African Mining Expropriation Company (Camec), a company from South Africa, announced this week that it will construct a platinum mine in Zimbabwe, and plans to start producing 120 000 ounces of platinum per year in 2009.

The South African company, which now owns various mining operations in Zimbabwe, bought mining claims in the region through a company called Lefever Finance and incorporated under the law of the British Virgin Islands. Camec bought the BVI corporation from a company called Meryweather Investments to which it paid US$5mln in cash, and issued 215 mln of new Camec shares worth about US$238 mln. The BVI-based Lefever was the owner of 60% of a Zimbabwean company called Todal Mining, which held all the rights on the mines. The remaining 40% of Todal Mining is held by the Zimbabwe Mineral Development Corporation (ZMDC).

Camec also published statement accompanying its fiscal results for the year to the end of March that, where expressed confidence that they can bring the mine into operation during the year 2009. It was added in the report that “Todal has negotiated the right to export platinum from Zimbabwe, and has also secured agreement to allow it to expatriate the profits generated by its mining operations in the country.” The activity in Zimbabwe is of strategical importance to Camec, in its plans to become a leading African investment and production company.

Camec lent to Lefever US$100 mln, to enable the company “to comply with its contractual obligations to the Government of the Republic of Zimbabwe.” Repayment to Lefever is to be made from the ZMDC’s share of dividends from Todal.

Deloitte Touche Tohnmatsu appointed as independent auditor of BVI-based CTDC

Saturday, March 1st, 2008

China Technology Development Group Corporation, British Virgin Islands company that provides clean and renewable energy products and solutions for solar energy business in China, announced that it has appointed Deloitte Touche Tohmatsu CPA Ltd.. to act as its independent auditor for the fiscal year ended December 31, 2007.

This appointment followed the expiry of the service term of Friedman LLP, and was based on recommendation and approval of the audit committee and the Board of Directors of China Technology on February 14, 2008. The reason for the change of the auditor was not any kind of disagreement between CTDC and Friedman, on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

CEO of the company Charlene Hua commented on the appointment of the new auditor: “Given our strategic focus in the solar energy business in China, we believe that Deloitte’s strong presence in China will provide us with audit services that are more efficient and suitable for a rapidly growing company like ours. We also wish to thank Friedman for the excellent work and professional services provided by their team.”

BVI-domiciled China Technology Development Group Corporation has also a number of BVI subsidiaries, one of which, China Natures Technology Inc., about a month ago was disposed to an independent party for HK$10,000,000, pursuant to the sale and purchase agreement dated December 18, 2007.