Archive for the ‘BVI company investments’ Category

HK skyscraper sold to BVI company in US$5.2mln deal

Tuesday, November 7th, 2017

Hong Kong tycoon’s company Li Ka-shing’s CK Asset Holdings has sold its stake in The Center, the fifth-tallest skyscraper in Hong Kong, for the amount of US$5.2 billion. Thus, the 73-story building was purchased for the record sum for a commercial property in HK. CK Asset Holdings said it expects to make a profit of US$1.9 billion (HK$40.2 billion).

The purchaser is C.H.M.T. Peaceful Development Asia Property Limited, an investment vehicle incorporated in the British Virgin Islands specially for this purpose. According to the market sources, the company’s largest shareholder is Beijing-based China Energy Reserve and Chemicals Group. Also, it is supposed that the purchaser will put on sale on the market each floor of the office tower after the purchase. The developer said the gain on disposal would be about HK$14.5 billion, adding that the proceeds of the disposal will be used for general working capital purposes of the group.

Orca Exploration discusses possible investment with Swala Oil & Gas

Monday, August 21st, 2017

BVI-registered mining company Orca Explortion Group Inc. confirmed discussions with Tanzanian Swala Oil & Gas about minority investment in PAE PanAfrican Energy Corporation, a wholly-owned subsidiary of the BVI company. The agreement is not definitive and is expected to be subject to a number of conditions including Swala securing necessary financing.

The investment by Tanzanian company, if concluded, will not affect the management or operation of PanAfrican Energy Tanzania Limited, which will continue to be wholly-owned subsidiary of PAE PanAfrican Energy Corporation, and many benefits accruing to Tanzania from BVI group’s involvement in the Songo Songo Project.

The Songo Songo Project is the first gas-to-power project in Sub-Saharan Africa, initiated by the Government of Tanzania, with the technical and financial support of the World Bank and private investors, among which there was the predecessor to Orca Exploration Group.

BVI company entered into investment deal with Universal Coal Resources

Friday, June 3rd, 2016

Polo Resources Limited, an international investment company focused on natural resources and domiciled in the British Virgin Islands, announced that its subsidiary, Polo Investments Limited, entered into a secured US$5,000,000 nominal value 15% redeemable convertible note with Universal Coal Resources Pte Ltd. In its turn, Universal, which is a Singapore-incorporated company, entered into a conditional agreement with Pan Asia Corporation Ltd. subsidiary to acquire an indirect 75% interest in PT Transcoal Minergy Coal Project, incorporated in Indonesia.

Universal Coal Resources is targeting a Singapore Stock Exchange Catalist Board listing, and the convertible note entitles the BVI company to convert the principal outstanding plus any accrued interest into not less than 20% of the share capital of Universal. Also, the funding under the convertible note will allow the Singapore company to undertake value adds to the TCM Coal Project. The note is repayable 18 months from draw-down, unless previously converted.

Anakando Media Group buys stake in MondoTunes

Sunday, July 12th, 2015

BVI-registered digital media company Anakando Media Group has purchased a large stake in MondoTunes, the world’s largest digital music distributor working with independent artists and providing access to more than 600 stores around the world including iTunes, Amazon, Spotify. Anakando will make use of technology and expertise developed by MondoTunes to launch MondoVideo. Also, MondoTunes platform will distribute original programming created by Anakando’s FilmOn Originals, ETV.com and Hologram USA, and the largest privately held film library in the world.

Alki David, CEO of Anakando Media Group, said in his comments to the merger deal: “With MondoTunes we really are democratizing the world of music—giving tools to artists that let them operate at the same level as an artist with a major label … And the platform will work together with our other divisions—FilmOn, Hologram USA and Class 15—to expand the reach even further.”

The MondoTunes platform will be relaunched with a new user experience and an innovative subscription model. By words of Javan Mershad, Co-CEO of MondoTunes, the transaction makes the company “the most dominant global source for independent artists worldwide.”