BVI Company News

CIC Energy Corp has made an announcement that along with its partner International Power PLC it has entered into a preliminary agreement with Sumitomo Corporation – a leading Japanese company operating in various sectors including mineral resources, energy, media and electronics, finance and logistics. The agreement concerned the possible subscription of a 20% equity interest in the first phase of the Mmamabula Energy Project.

The preliminary agreement does not commit Sumitomo to equity participation in the Mmamabula Project, but demonstrates company’s interest in the Project.

Currently, the BVI-based CIC Energy and IPR together are the holders of 50% interest in the Mmamabula Project.

Sumitomo has entered into negotiation with CIC Energy and IPR, on the possible subscription of a 20% interest in Meepong Energy (Mauritius) Pty Ltd. To facilitate this, CIC Energy and IPR would be expected to equally sell down a part of their respective equity stakes. Meepong Energy (Mauritius) is the joint venture company which will hold the power station assets of Phase One of the Project.

The above-mentioned agreement also provides the option for Sumitomo to take a 20% interest in Meepong Resources (Mauritius) Pty Ltd. If this occurs, the balance of this holding company is expected to be held equally by CIC Energy and IPR.

Meepong Resources is the joint venture company, which will hold the coal mine for Phase One of the Project. Meepong Energy (Mauritius) will hold the power station assets of Phase One of the Project.

Recently we have discussed the fact of purchasing of BVI corporation UraMin Inc by CFMM Développement, the wholly-owned subsidiary of Areva Group. Last week Areva announced that, after the completion of compulsory redemption proceedings in accordance with the BVI law, it has become the sole shareholder of the BVI-registered company.

The notice that was sent to the UraMin shareholders on 7 August 2007 provided also further information for former shareholders of UraMin seeking to receive the redemption price, held by UraMin’s agent, Computershare Investor Services. In connection with the redemption, on 20 August UraMin’s shares were delisted from the Toronto Stock Exchange, and cancellation of BVI company’s listing on the Alternative Investment Market of the London Stock Exchange is expected to be effective today, on September 4, 2007.

Last month, the investor fund Indochina Capital made additional investments into the Navigos Group, in the amount of US $1.1 million. Total invested capital to the Group from Indochina made US $3.1 million.

Navigos Group is a US-invested brand owned and operated by Management Consulting Group Ltd, a British Virgin Islands company. It’s main focus is providing human resources services in Vietnam, and investing of local well-known websitevietnamworks.com. According to the Group’s information, about 900,000 people have accessed to this website for job vacancies.

Indochina’s managing director Tung Kim the most important factors luring fund’s capital are rapid growth of Navigos, and the success of the above-named job website.

BVI-controlled Group also plans to list on the local bourse and launch an Initial Public Offering by 2010. Some years ago, Navigos Group’s shares have fetched at the price of US $2.5 per one from US $0.01.

Aurora Global Investments Holdings has announced about its plans to pay HK$ 1 billion, or $1.28 million, for a 51% stake in a mining company to take advantage of rising metals prices. The target of this deal is Kanson Development, a company incorporated in the British Virgin Islands and owning the Xiaohongshan iron, vanadium and titanium mine in the Chinese region of Inner Mongolia.

Aurora said in the filing that it would finance the purchase by paying 100 million dollars in cash and 135 million dollars in shares, while issuing 765 million dollars of convertible bonds.

Aurora Global Investments is the maker of home furnishings based in Hong Kong. Company representatives have said that the acquisition enables the group to diversify into the iron, titanium and vanadium mining business, which is very prospective.

In accordance with a filing at Securities and Exchange Commission, the Chief Financial Officer of UTi Worldwide Inc. Lawrence R. Samuels, decided to sell 4,000 shares of common stock. UTi Worldwide is a British Virgin Islands-based freight logistics provider.

On July 6, Lawrence R. Samuels filed a Form 4 with the SEC, in which he reported that he sold the shares on July 3 for $27.07 apiece.

It should be noted that Form 4s are to be filed with the SEC by insiders in order to report transactions in their companies’ shares. As to open market purchases and sales, they are to be reported within 2 business days of the transaction.

Jingwei International Investments Ltd., a leading technology services provider in China, announced that it has completed a reverse merger and share exchange with the shareholders of Neoview Holdings Inc., a company registered in the British Virgin Islands and having its main office in Chicago.

According to the share exchange agreement, the Chinese company, which is also incorporated under the law of the BVI, completed a $16.9 million private placement with certain accredited investors. In the share exchange transaction, the newly issued shares of the Neoview Holdings were exchanged for shares held by Jingwei shareholders.

Sign of the agreement was preceded by the negotiations between the two BVI companies, on potential acqusition or business combination. As a result of the current transaction, the shareholders of Jingwei own approximately 87% of Neoview’s shares, and Jingwei becomes a wholly-owned operating subsidiary of Neoview.

Neoview is going to amend its Articles of Incorporation to change its name to Jingwei International Ltd. Neoview will also replace its current management team by the executives of Jingwei and will follow the current business plan of Jingwei.

Jingwei International Investments provides software and data mining services, operates under exclusive licensing and revenue sharing agreements with China Mobile and China Unicom, and having software installations with several additional Chinese telecom companies.

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.

Last week “The Fortress Global Value Fund”, established and managed by Fortress Fund Managers Limited, was launched in the British Virgin Islands at an initial offering of US$1. Fortress Global is structured as a fund of funds and administered by ATU Fund Administrators (BVI) Ltd.

Fortress Fund had always expected a lot for this new fund. After it was launched last year in November, and after just some months of operation since the fund’s initial offering closed on September 15, 2006, it has provided a return of 6.86%.

After the BVI launch, Fortress Investment Manager Roger Cave told about his great expectations regarding the fund’s performance, “We are highly confident that our years of experience in the investments field will aid our new venture into the international markets and assist investors, institutional and individual alike, realise strong growth in their quest for greater global diversification within their portfolios”.

The BVI-launched fund has already accumulated total assets of US$7 million, and its net asset value is now US$1.0686 per share.

On April 18, the BVI company CIC Energy Corp. has announced the results of an updated independent mineral resource estimate for the Mmamabula Energy Project in Southern Africa. The previous estimate was published in the end of March 2007, and included information on Power Purchase Agreement negotiations and update of Project finance.

The global mineral resource estimate for the Project now totals about 2.3 billion tonnes – that is 77% increase in the region, from the previously reported 1.3 billion tonnes. In the current resource estimate, five coal-bearing zones are defined at Mmamabula East, and a single block at Mmamabula South.

In this release, the mineral resource estimate was prepared by Snowden Mining Industry Consultants – an international minerals consultancy group independent of CIC Energy.

Gregory Kinross, President and CEO of CIC, has commented “This represents a major increase in the mineral resource estimate for Mmamabula and is extremely encouraging in respect to the long life and potential multiple phases for the Project. Furthermore, ongoing exploration may lead to a further increase in the mineral resource for the Project”.

The company Daka Designs has received a letter of intent from Galleria Resources, on a pre-conditional partial offer for 60% of the company. Galleria Resources is an investment holding company registered in the British Virgin Islands; company’s owner is Rafat Rizvi.

BVI company is offering to pay shareholders HK$0.15 cash for each share. If the partial offer is successful, Galleria Resources will become the largest shareholder of Daka Designs.

Trading of Daka Designs shares has been suspended since January last year, after the auditors discovered  accounting and financial irregularities. Galleria said it could help Daka to identify its business through network and contacts, so that the trading suspension could be lifted.

Daka is a shell company following the sale of its business, with a cash pile of under $3 million. Last week at a special general meeting company shareholders voted against the distribution of the cash.