Archive for the ‘BVI Companies Acquired & Sold’ Category

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BVI-domiciled Newco Group acquired by the U.S. oil and gas corporation

Sunday, August 26th, 2007

The Nevada-incorporated JMG Exploration, Inc. has announced the acquisition of Newco Group, Ltd. – a holding company registered in the British Virgin Islands. This BVI company, in its turn, acquires the majority equity interest in Iris Computers Ltd., one of the leading IT product distributors in India.

JMG, which specializes in exploration of oil and natural gas in the United States and Canada,  is going to sign the definitive share exchange agreement with Newco and its shareholders within the next some days. The end of the share exchange is contingent upon receiving the approval of JMG shareholders. However, no assurance can be given that the share exchange between JMG and BVI-based Newco is completed.

The Board of Directors of JMG has approved providing a $3.0 million loan to Newco for the purpose of obtaining a majority equity interest in Iris Computers. The loan to Newco is expected to be made during the next 10 days. If the acquisition of the BVI company by JMG is not completed by the end of 2007, Newco is obligated to repay the loan by that date.

Posted in BVI Companies Acquired & Sold, BVI Company Mergers & Acquisitions, BVI Holding Companies, Share Exchange agreements | No Comments »

UraMin Inc. acquired by AREVA Group

Sunday, August 12th, 2007

A month ago, BVI-registered UraMin Inc. entered into takeover agreement with CFMM, an indirect wholly-owned subsidiary of French nuclear energy group Areva; according to it, CFMM made cash offer to UraMin in the amount of $2.5 billion, for 100% of  BVI company’s share capital.

After more than 88% of UraMin’s shareholders accepted the cash offer that was at $7.75 per UraMin share, Areva’s subsidiary has raised its total holding in the BVI company to 93%, – that is holding, directly and indirectly, of 301,469,701 shares.

As the holder of more than 90% of the shares of UraMin, CFMM will issue a notice to the BVI company requiring it to redeem the remaining shares not held by CFMM, in accordance with the British Virgin Islands law.  UraMin (BVI) is expected to send a notice of redemption to the remaining shareholders, and then cancel its listing on the Alternative Investment Market of the London Stock Exchange and refuse from trading on the Toronto Stock Exchange.

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Carpet maker to buy 51% stake in BVI-controlled mining company

Monday, August 6th, 2007

Aurora Global Investments Holdings has announced about its plans to pay HK$ 1 billion, or $1.28 million, for a 51% stake in a mining company to take advantage of rising metals prices. The target of this deal is Kanson Development, a company incorporated in the British Virgin Islands and owning the Xiaohongshan iron, vanadium and titanium mine in the Chinese region of Inner Mongolia.

Aurora said in the filing that it would finance the purchase by paying 100 million dollars in cash and 135 million dollars in shares, while issuing 765 million dollars of convertible bonds.

Aurora Global Investments is the maker of home furnishings based in Hong Kong. Company representatives have said that the acquisition enables the group to diversify into the iron, titanium and vanadium mining business, which is very prospective.

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Mitsubishi Corporation seen to be the winner in the bid for stake in BVI-based Encore Ltd.

Wednesday, August 1st, 2007

It was reported last week by some Indonesian newspapers that a 20% stake in the British Virgin Islands-registered Encore Limited will be probably received by Japanese trading house Mitsubishi Corp.

Mitsubishi is now the most likely winner in the bidding for this stake, after rival bidder Aabar Petroleum Investment Co pulled out. It is said in the same report that the value of 20% stake is about 350 million USD, and that the bidders have been conducting due diligence on Encore since November 2006.

The BVI-based Encore Ltd., controlled by the Panigoro family, is currently the single largest shareholder in Indonesian oil and gas company PT Medco Energi International,with a 50.7% stake.

Both the BVI company and Medco officials were not available for comments concerning the sale of 20% stake and Mitsubishi as the possible winner. However, Indonesian newspaper quoted Medco president as saying that while selling such a stake by Encore Ltd was possible, the deal is not concluded yet.

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