Archive for the ‘BVI Company & Subsidiary Financials’ Category

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.

Euro Tech Holdings Company Ltd reports contract awarded to PACT

Tuesday, September 2nd, 2008

BVI-based Euro Tech Holdings Company Limited has announced that its subsidiary, Yixing PACT Environmental Technology Company Ltd. has recently been awarded a contract from an U.S. textiles company based in Nanjing. The contract which is worth about US$1.5 mln is to be completed by January 2009, and covers design, supply, installation and commissioning of a 400 m3/hr water softening and heat recovery system.

Yixing PACT, Shanghai-based subsidiary of the BVI company, is a global provider of environmental solutions for industrial and municipal clients, focusing on water and wastewater treatment. Company’s capabilities cover design, manufacturing, sourcing, installation and servicing of water/wastewater treatment, water desalination plants and equipment.

Diguang International announces the increase in manufacturing capacity

Monday, April 7th, 2008

Diguang International Development Co., Ltd., China leader in the manufacture and supply of CCFL and LED backlights for liquid crystal displays, has made an announcement on April 2 that the Mobile Phone Strategic Business Unit at its newly acquired Dongguan facility has achieved estimated manufacturing capacity of one million backlight units per month. By the end of the second quarter of 2008, the company is expected to manufacture two million backlight units per month.

Song Yi, Diguang’s Chairman and CEO, has said that company’s “2008 strategic growth plan calls for expanded manufacturing capacity in all product categories … Direct ownership of the acquired facilities at Dongguan Diguang Science and Technology increases our flexibility in production scheduling.”

Also, two days before this the Nevada-based Digunang, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced the postponement of the fourth quarter and fiscal year 2007 conference call that is originally scheduled for March 31, 2008. The company filed for time extension to file its Form 10K for the fiscal year ended December 31, 2007.

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.