Archive for the ‘BVI Holding Companies’ Category

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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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BVI-registered HLS Systems International announces share repurchase plan

Monday, July 20th, 2009

HLS Systems International, Ltd., a holding company headquartered in China and registered in BVI, announced the establishment of a share repurchase program for the company to purchase up to 3 mln shares of its common stock on the open market.

The expiration date of the stock repurchase is set as March 31, 2010. The program will be financed by HLS’ cash flow from operation, and the timing of such purchases will be determined by HLS’ management. HLS’ CEO Dr. Changli Wang commented on the share repurchase saying that it is a “strong demonstration of their commitment to leveraging the strong cash position in order to maximize long-term returns for the shareholders.”

Also, the BVI company cancelled its incentive share plan, which was part of the merger agreement between Gifted Time Holdings and Chardan North Acquisition Corp., and which totaled 7 million remaining shares in aggregate for the years of 2009, 1010 and 2011, through the immediate issuance of 4 million shares to its Chinese subsidiaries’ original selling shareholders. Under the terms of this agreement, in which HLS Systems International was created, the company was obligated to issue to the original selling shareholdersup to 11 million shares over 5 years.

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Malaysian IGDX launches gold trading platform on the basis of BVI company

Friday, February 13th, 2009

Malaysia-based gold trading company IGDX, listed in Australia, and private company Ryefield Holdings start the trading platform Goldzone Investments, a company registered in the British Virgin Islands. IGDX-controlled EDS Software Solutions will own 70% of Goldzone, and Ryefield will hold the  remaining 30%. The BVI company will be managed by IGDX subsidiary, and Ryefield will assist in establishing counterparty agreements, especially in Indonesia.

By IGDX estimates, annual revenues of the BVI company will make $USD 9 million. The trading platform is designed to allow customers to go long and short in electronic and pit gold markets. It will be trialled in Indonesia. IGDX considers that the Goldzone platform’s popularity will grow due to the financial crisis, because more and more traders prefer to invest in gold, and gold price is rising.

However, there is a possibility that IGDX will go through insolvency procedure. Having announced the launch of Goldzone, it sent a letter to the ASX stock exchange with the report about whether the company’s cash flows would allow it to trade for another two quarters of the year. The Malaysian company was listed in early 2007, and since that time and until launching a new financial market its only businesses have been a HK-based gold coin dealing, and a business in Malaysia.

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