Archive for the ‘BVI Company Formation’ Category

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Two British Virgin Islands-registered subsidiaries launched by TurkPower Corporation

Tuesday, January 31st, 2012

TurkPower Corporation, an American junior mining company holding interests in coal fields in Russia and iron ore mines in Turkey, has announced the launch of two new subsidiaries in the BVI, named Sibcoal Mining Corporation (SMC) and Sibcoal Commodities Trading Corporation (SCT).

SMC will hold the company’s mining licenses in Russia’s Novosibirsk Region, where mining operations are to be commenced in the second quarter of 2012. The second British Virgin Islands company, SCT, is the commodities trading division of TurkPower Corporation, and will have offices in Russia, Spain, Switzerland and the British Virgin Islands.

TurkeyPower Corporation expects to sell and ship its inventory of coking coal worth in excess of $20 million through its subsidiary SCT in the first quarter of 2012. Also, a substantial long-term coal off-take agreement is scheduled to take place in the first quarter of 2012.

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CapitaMalls Asia Limited establishes BVI-registered subsidiary

Monday, May 3rd, 2010

On April 26, CapitaMalls Asia Limited (CMA), a Singapore-based company operating as a shopping mall owner, developer and manager in Asia, announced the establishment of the wholly-owned subsidiary incorporated in the British Virgin Islands. The new BVI subsidiary is named Esposito Investments Limited, its principal activity will be investment holding. Issued and Paid-up share capital of Esposito Investments Limited is $1 comprising 1 share with a par value of US$1.

It was announced by CMA that this transaction is not expected to have any material impact on the consolidated assets and earnings per share for the financial year ending 31 December 2010.

As of June 30, 2009, CapitaMalls Asia Limited owned a portfolio of 86 retail properties located in 48 cities in five Asian countries – Singapore, China, India, Japan and Malaysia. The company was incorporated in 2004 as CapitaLand Retail Limited and changed its name to CapitaMalls Asia Limited on October 30, 2009.

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Asian company establishes subsidiary in BVI

Saturday, October 17th, 2009

CapitaLand Limited, a company headquartered and listed in Singapore, has established an indirect wholly owned subsidiary in the British Virgin Islands.  On October 16 the company made an announcement on the incorporation of Wealthy Victory Investments Ltd. in BVI.  Principal activity of the BVI subsidiary is investment holding. 
 
The issued and paid-up share capital of the company is US$1, comprising one share.  The company informed that announced transaction is not expected to have any material impact on the profit of the CapitaLand Group for the financial year ending 31 December 2009. Also, the company informed that none of the directors or the controlling shareholder of CapitaLand has any interest, direct or indirect, in the transaction.

CapitaLand is one of Asia’s largest real estate companies, its businesses concentrated in the cities in Europe, Asia Pacific and the countries of Gulf Cooperation Council (GCC). The company is involved in developing real estate financial products and services in Singapore and the region.

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Ireland’s Doyle Group incorporates in the British Virgin Islands

Wednesday, September 30th, 2009

Irish shipping company Doyle Group reported about its decision to move its corporate base to the British Virgin Islands.  After moving  to BVI, it will not be required to publish accounts.  For the purposes of redomiciliation, the company has created a new holding – Doyle Group Investments – registered in Tortola, British Virgin Islands.  It has also given notice about the change of the status of its Irish firms to unlimited, waiving its obligation to file annual accounts in Ireland.

The Doyle Group is a major shareholder in ferries operator Irish Continental, and was one half of the One51 consortium that pursued a lengthy bid for the shipping group, which ultimately failed after a standoff between the consortium, owners of Irish Continental and property tycoon Liam Carroll.

According to the Group’s last published accounts, it had losses of over E300,000 for the full year after borrowing  E100 million to buy shares in ICG, and to acquire three companies. The group’s turnover increased from E27.9 million to E30 million, but operating and net profit fell “due to increasing costs”. According to the group’s listed investments, its market value in 2007 made E48 million.

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