Archive for the ‘BVI Holding Companies’ Category

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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.

Posted in BVI Company management, BVI Holding Companies | No Comments »

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.

Posted in BVI Company Contracts, BVI company investments, BVI Holding Companies, BVI IBC Business News | No Comments »

US$4.1 Million Licence to Start Drilling in the BVI Holding Company Controlled Santa Rosa Block

Saturday, January 10th, 2009

Australia-based international exploration and production company Otto Energy Limited informed that it had executed the agreements approving the farm-in into the Santa Rosa Block exploration licence in Argentina, and had approved the Exploration Work Program and Budget totalling US$4.1 mln with  the view to start drilling in the first half of 2009.

The Santa Rosa Block is a large onshore concession located in Mendoza Province of Argentina. In November 2005, Otto and Oromin Explorations Limited agreed to a Letter of Intent to farm-in to the Santa Rosa Block, whereby Otto Energy Limited would earn a 32.48% shareholding interest in an Oromin-owned British Virgin Islands company Cynthia Holdings Ltd that wholly owns an Argentinean company Exploraciones Oromin SA, which in its turn is the 100% holder of the rights to explore and produce from the Santa Rosa Block.

The farm-in consideration is for Otto to fund the first US$1.4 mln of the approved Exploration Work Program and Budget, after which it contributes its pro rata equity share. The interest holders of the Santa Rosa exploration licence are Oromin 67.52%, who is the Operator, and Otto, with 32.48%. Otto is entitled to take an equivalent direct interest in the Santa Rosa Block, subject only to Argentinean government approvals.

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BVI Group’s Master Fund ranked third by Bloomberg

Sunday, October 26th, 2008

Venulum Group, multinational private wealth management firm, registered and headquartered in the British Virgin Islands, has reported that its Master Fund is ranked third by Bloomberg among all mortgage backed arbitrage funds in all jurisdictions. Master Fund consists of BVI Group’s subsidiaries Venulum Property Investment Limited, Venulum LLC and Venulum Property Limited.

Venulum Property Investment produced the excellent returns and helped lift the overall performance of the funds. Giles Cadman, Chairman of the Venulum Group, explained that they “have an established team who utilise their skill and experience to create value.” By his words, the group is often criticised for not taking enough risk in the property market, but the last few months have shown that “markets can change and wipe out value very quickly.”

CFO of Venulum Group, Richard Lowden, said that as Venulum is a private company owned by a family trust, and investing on behalf of private individuals, the opportunities to compare its returns with competing funds are limited.

The funds of the BVI Group are privately held, so its listings are not in the public domain, but brokers and independent financial advisors who subscribe to Bloomberg have access to them. The process of registering company’s funds with Bloomberg involves due diligence that is carried out by Bloomberg on Venulum and the Private Placement Memorandums of the funds. Then, it is the responsibility of Group’s BVI administrator Folio Administrators Limited to update the monthly share prices.

Group’s SFO Richard Lowden is sure that the funds will hold up in the dowturn, because the company has taken the risk by focusing on the public sector housing market, and investing cautiously over the past two years, in expectation of the current downturn.

Posted in BVI Holding Companies, BVI Investment Funds | No Comments »

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