Archive for the ‘Fund raising’ Category

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Indian Government defers FDI proposals from several companies

Wednesday, July 15th, 2009

Norwegian telecommunications corporation Telenor, which is known for its long-lasting litigation with British Virgin Islands company Farimex, is now purchasing 67% in Unitech Wireless, the telecom arm of Indian real estate company Unitech Ltd. The transaction needs the approval of the Government of India, which on July 1 again deferred a decision on Unitech’s proposal to increase foreign direct investment (FDI) to up to 74%. No reasons were given for the deferral.

Apart from Unitech Wireless proposal, 13 other proposals were deferred by the Government, including one from United Breweries to raise Rs7.08bn through issuance of convertible warrants to the British Virgin Islands-registered FirStart Inc.

At the same time, the Government approved 21 FDI proposals worth about Rs850mln, including the proposal from the world’s biggest chemical company – Germany-based BASF.

Posted in BVI Company Contracts, Fund raising | No Comments »

Fil-Estate to issue $12.5 Million bonds through BVI-registered professional fund

Thursday, January 17th, 2008

On January 18, 2008, property firm Fil-Estate Land Inc. will issue $12.5 million worth of 5-year convertible bonds that represent the balance of its $25-million bond facility.

Fil-Estate informed the stock exchange that it signed an agreement on the bonds with a professional British Virgin Islands-registered fund Lim Asia Special Situation Master Fund Ltd.

The bonds issued by Fil-Estate can be converted into company shares of stock at a rate of P1.50 per share within 5 years. They carry a coupon rate of 4%, with an intended yield-to-maturity of 14% in case the notes are not converted by holders within 5 years.

According to Fil-Estate, proceeds from the bond issue will be used for funding the development of its projects. The projects to be funded include phases 5 and 6 of Manila Southwoods in Metro Manila; Boracay Villas, Forest Hills in Antipolo City; Sto. Domingo Residential Tower and Thomas Residences in Quezon City; Sta. Barbara Heights in Iloilo province; as well as Newport Hills and Nasugbu Harbortown in Batangas province.

Posted in BVI Investment Funds, Fund raising | No Comments »

BVI-based Hecta Media announces AIM float on November 14

Thursday, November 1st, 2007

British Virgin Islands-registered Hecta Media reported on October 30 about its plans to float on AIM. It is expected that dealings in the company’s shares will start on November 14, 2007. The company whose purpose is to make broadly distributed investments in vertically targeted, branded domains and niche content web sites, will now focus its efforts on active investment in websites and domains established in the U.K., continental Europe, and the United States.

The BVI company will have a share capital of 165,391,456 Ordinary Shares, with no nominal value yet assigned. It is anticipated that GBP4,673,158 mln will be raised on or immediately before the company will be admitted to the market, and that the company’s market capitalisation will be GBP6,6 mln.

Hecta Media’s general business model is targeted text link internet advertising, when contextually relevant text ads are placed on websites and turned into money using automated programs from Google, Yahoo and Microsoft. The company’s nominated adviser and broker is Beaumont Cornish.

Posted in BVI Company listing, Fund raising, Initial Public Offerings | No Comments »

CIC Energy raises $65 million to finance the Mmamabula Energy Project

Thursday, August 30th, 2007

The BVI-based CIC Energy Corporation has reported in the beginning of August about its plans to build a coal-fired power plant and adjacent mine in Botswana – the Mmamabula Energy project. It is estimated at $6.3 billion, and is planned to be the largest private sector infrastructure project in southern Africa.

The company has informed that it has an agreement to raise $65 million in new equity through private placements, which will be used to help financing the Mmamabula Energy Project, located in Botswana.

CIC CEO Greg Kinross has commented that the company is going to sign long-term power purchase agreements with South Africa’s largest electrical utility Eskom Holdings Ltd., and with Botswana Power Corp. He also said that he expects a positive result from the environmental impact review which is completed now.

CIC Energy is a 50% joint venture partner in the first phase of the Mmamabula Energy project with  International Power PLC, British company operating power plants.

Posted in BVI IBC Business News, BVI company investments, Fund raising | No Comments »

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