BVI Company News

BVI-registered Spinnaker Funds announced that it has purchased 914.7 million shares of Indonesia’s PT Trimegah, at the price of 215 rupiah a share (1 usd = 9,025 rupiah). This deal makes the BVI Fund Group the owner of 25% stake in the company.

Spinnaker Funds said in its statement that the stock was acquired on July 9. The shares were bought from United Investment Inc, PT Philadel Terra Lestara, and businessman Pieter Tanuri. The Fund Group representatives said also that the purchase will launch a mandatory tender offer, as required by the capital markets regulator, to acquire more shares from the public. Currently, 49.57% of company’s stock is held by the public.

The tender offer price was set at the same level of 215 rupiah, but the BVI Funds did not specify in its statement how many additional shares of Indonesian company it plans to purchase.

A new private equity property fund was launched some days ago by De Rosen Capital Management, to work in the market of exclusive homes for multi-millionaires. The new Global Waterfront Fund, domiciled in the British Virgin Islands, is looking to raise $100 million by investing and developing waterfront residential property in the premium Mediterranean and Caribbean locations.

The fund is going to create a stream of development projects to be sold on completion, and will seek to achieve absolute returns. The projects will include both the development of rural land and renovations of rebuilding existing properties.

The locations chosen for the launch of project are St. Barts, Harbour Island in the Bahamas, St. Tropez, Cap d’Antibes, Cap Ferrat, and similar resorts.

De Rosen, an international property developer, put together the fund with Mark Shadwick, director of several offshore hedge funds, and Olivier Dupraz, which is a former managing director at UBS, because there are more deals than capital available. This measure will presumably help  to attract capital for further development.

Currently the new BVI-based fund is seeking capital commitments by way of a share issue in both Euro and Dollar classes, with the minimum subscription is $500,000 or €500,000. The purpose of the fund is to return to investors in excess of 20% per year.

The Global Waterfront Fund is now marketing to institutional, family office and ultra high-net-worth investors.