Archive for the ‘BVI Company Mergers & Acquisitions’ 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.

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.”

BVI-based stakeholder buys Fortune Oil

Friday, December 26th, 2014

Oil investment company Fortune Oil announced that its majority stake owner, a consortium known as Fortune Dynasty and incorporated in the British Virgin Islands, is going to buy the rest of the company. BVI company is already the owner of 57% of Fortune Oil, and the other 43% will be purchased by Fortune Dynasty via a court-sanctioned scheme of arrangement, for the amount of up £388 million.
The terms of the deal are considered to be fair and reasonable by the independent Fortune Oil directors, advised by VSA Capital.

Fortune Dynasty is a limited liability company owned by First Level – a company 55% owned by Fortune Oil directors, and 45% owned by Vitol Bermuda.

MDM Engineering Group announced financial results for year ended 31 March 2014

Tuesday, August 26th, 2014

MDM Engineering Group Limited, the minerals process and project management company working in the mining industry, announced its audited financial results for the full year period ended 31 March 2014. The BVI company reported revenue of US$ 108.7 million, as compared to US$ 137.2 million in the previous year; gross profit of US$ 24.2 million, as compared to US$ 33.0 million in 2013; pre-tax profit of US$ 12.2 million (US$ 20.4 million in 2013), and after tax earnings of US$ 10.4 million (US$ 14.2 million in 2013).

Basic earnings of MDM Engineering Group were US 27.66 cents per share, as compared to US 37.78 cents per share in the last year.

Among company’s highlights in this year, there is recommended takeover offer from global engineering and construction group and power equipment supplier Foster Wheeler. Upon completion of this transaction, which is expected very soon, MDM ordinary shares will no longer be traded on the AIM Market.

For the year 2014, the group announced strong cash position of US$ 23.7 million (US$ 34.6 million in 2013), and full year dividend of US 8.00 cents per share.