Archive for the ‘BVI IBC Business News’ Category

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.

DryShips Inc. terminated common stock purchase agreement with BVI-based Kalani Investments

Monday, August 14th, 2017

Nasdaq-listed DryShips Inc., a diversified owner of ocean going cargo vessels operating worldwide, announced the termination of the common stock purchase agreement with British Virgin Islands-registered Kalani Investments Limited, which was signed by the company in April 2017.

Also, DryShips’ chairman and Chief Executive Officer Mr. George Economou has agreed to refrain from re-selling for a six month period any common shares of the company. DryShips also agreed to to conduct any equity offerings until after December 31, 2017, without the prior approval of the majority of its unaffiliated shareholders.

Luxoft will showcase new financial services solutions

Wednesday, June 7th, 2017

Luxoft Holding, Inc will demonstrate its Pega integration capabilities at PegaWorld 2017, Pegasystems’ annual global conference bringing together business and technical visionaries from the world’s leading companies, focused on automotive and financial services.

The BVI holding company plans to demonstrate Pega® Robotic Process Automation (RPA) with Pega® KYC, which integrates data sources from a provider for financial institutions, to onboard new customers taking into account global regulatory requirements such as Anti-Money Laundering. Financial institutions can further automate many of the high-volume, low-complexity repetitive manual tasks that require considerable time and money.

The Head of Client Lifecycle Management & KYC, Pegasystems said in his comments: “Financial institutions face increased regulatory scrutiny in their global AML programs and expanding regulations across jurisdictions, while at the same time find themselves under pressure to stay competitive, cut costs, and increase efficiency and transparency… Pega KYC is the only application in the market unified with robotics automation capabilities, which allows banks to rapidly meet remediation and regulatory requirements while driving faster onboarding and mitigating risk.”

Aura Minerals announced results of Annual General and Special Meeting of Shareholders

Wednesday, May 31st, 2017

Aura Minerals Inc., the mining company redomiciliated from Canada to the British Virgin Islands, announced the results of the votes held at the Annual General and Special Meeting of shareholders which took place in Tortola, BVI. The company announced the retirement of Patrick Mars from the Board of Directors of the company. He served as the Chairman of the Board from 2008 to 2016, and held positions on several Board committees, including Chairman of the Audit Committee.

Jim Bannantine, did not stand for re-election due to personal reasons, but this decision will not affect his shareholdings in Aura Minerals. Also, due to the personal reasons, another member of Board Juarez Saliba did not stand for re-election at the Meeting.

Company’s President and CEO said in his comments on the voting results: “On behalf of management and the Board of Directors, we express our sincere appreciation for Patrick’s and Jim’s many years of service and for the year of service from Juarez. It has been a rewarding experience working with all of them during my tenure at the Company and we wish them continued success.”