Archive for the ‘Fund raising’ Category

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

BVI-registered Itacare Capital intends to float on AIM

Tuesday, May 29th, 2007

The company named Itacare Capital Investments Ltd. and incorporated in the British Virgin Islands reported today (Tuesday, 29 May) about its plans to float on London Stock Exchange AIM (Alternative Investment Market). The company announced its intention to issue common share of $0.01 each at $1.00 per share to raise up to $160 million. BVI Company’s shares dealing are expected to begin tomorrow (May 30). The announcement was made by the BVI company prior to admission.

The company’s nominated adviser and broker is Numis Securities. Investment strategy of Itacare is to provide strong capital growth through investing in high quality residential resort developments in Brazil and abroad. Itacare intends to invest actively in projects at an early development stage.

Company’s investment manager has completed preliminary due diligence and agreed outline terms relating to 11 investments on behalf of the company with capital committed within the next 3-9 months.

Posted in BVI IBC Business News, Fund raising, Investors' News | No Comments »

NTT DoCoMo Inc. invests $10 million in the BVI company operated Gobi Fund II

Saturday, May 26th, 2007

NTT DoCoMo Inc. announced that it has signed an agreement with Gobi Fund II L.P., under which it will invest $10 million in the fund.

Gobi Fund II L.P. is a venture capital fund operated by the BVI company Gobi Partners Inc. – a company incorporated in 2002 and having offices in the British Virgin Islands, Beijing, Hong Kong and Shanghai. The BVI company and the Fund are operated by Thomas G. Tsao, Wai Kit Lau and Lawrence Tse.

The Gobi Fund will target venture companies in China working on the convergence of telecommunications, media and technology, within the IT and digital media sectors. The Fund will start investment activities already this month, and will operate for ten years. It is targeting a final close of $120 million.

DoCoMo said that its decision to enter into agreement with the Gobi Fund II was partially prompted by the successful performance of its investment in the Gobi Fund I in December 2003.

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

Qiao Xing Universal Telephone’s subsidiary domiciled in the BVI files for Initial Public Offering and Listing on NYSE

Friday, April 27th, 2007

Qiao Xing Universal Telephone Inc., one of major manufacturers and developers of telecommunications products in China, announced on April 19 that its major subsidiary, Qiao Xing Mobile Communication Co., Ltd. has publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form F-1, for a proposed initial public offering of ordinary shares on the New York Stock Exchange (“NYSE”). Qiao Xing Mobile Communication Co., Ltd., whose remaining 20% equity interest was acquired by Qiao Xing Universal Telephone Inc. in November 2006, is a company incorporated in the British Virgin Islands and owning a 93.4% equity interest in CEC Telecom, Co., Ltd.

The ordinary shares may not be sold and any offers to buy may not be accepted, because the registration statement on Form F-1 has not yet become effective. The proposed offering will consist of a primary offering by the Company and a secondary offering by the selling shareholders. The proposed price range per ordinary share will range from USD11.00 to USD 13.00.

Posted in BVI IBC Business News, Fund raising, Initial Public Offerings | No Comments »

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