Archive for September, 2006

AfriOre Reports the Second Estimates for the Akanani Platinum Project

Friday, September 29th, 2006

AfriOre Limited, a BVI-based company which has recently reported its financial results for the 3 -month period until May 31, 2006, announced the results of a second independent mineral resource estimate for the Akanani Platinum Project in the South Africa’s Bushveld Complex. The first  independent technical report for the Akanani Project containing the initial mineral resource estimate and other Project information   was released at the end of May, when this company received the increasing estimates for its Platinum project, and has been filed on SEDAR.

Both estimates were prepared by Snowden Mining Industry Consultants, an independent minerals consultancy group. This report was written also by Mr. Jeremy C. Witley, a “Qualified Person” who has written also the first Project report for Snowden.

The updated mineral resource estimate is based on the results of 33 diamond drill holes within a 381 hectare (“ha”) area within the P2 unit in the SPA. The estimate totals 249.1 million tonnes. The updated mineral resource extends from approximately 800 metres depth along the eastern project boundary to a selected depth of 2,000 metres in the west.

Warren Newfield, President and CEO of AfriOre, noticed in his statement that the significant increase in the mineral resource for company’s project in Akanani came just over four months  since the announcement of the initial mineral resource. He supposed that these results confirm the excellent potential of the P2 unit to support a large, long-life underground platinum mine with significant base metal credits.

Afriore continues developing the Akanani Platinum project, as one of its most prospective projects, and has commenced additional drilling in the Central and Northern Areas to establish further mineral resources.

The AGP Group acquires property portfolio in Hong Kong and China

Tuesday, September 26th, 2006

The Asian Growth Properties Limited has made an announcement about the acquisition of property portfolio in Hong Kong and China. This well-known property development and investment company incorporated in BVI and based in Hong Kong has agreed to acquire a portfolio of six properties in Hong Kong and China from its major shareholder SEA Holdings Limited, for the price of HK$4,430 million. It is proposed that the AGP will acquire the Target Group which is currently holding these properties.

The AGP is the holding company of a commercial, retail and residential property investment and development Group, headquartered in Hong Kong. Currently AGP has a property portfolio consisting of three development properties and one investment property, all of them located in Hong Kong. The AGP’s total asset value and net asset value were, at 30 June 2006, HK$2,221 million and HK$1,575 million respectively.

The SEA Group is a public company listed in Hong Kong, which specializes in developing and investing in high quality office, retail, residential and resort properties in Asia Pacific countries including Hong Kong, China, Indonesia, New Zealand and Australia. SEA is holding approximately 85.42% shares and is the major shareholder of AGP. The portfolio of properties of SEA in the Target Group makes the majority of SEA’s real property investment and development assets in Hong Kong and China.

Don Fletcher, Chief Executive Officer of AGP, in his comments on the proposed transaction noted that the Board of AGP sees this transaction as an exciting expansion of AGP’s activities in the property market of China and Hong Kong. It is an opportunity to increase the size of company’s property portfolio for an attractive price. Also, the Directors of the company consider that the acquisition is consistent with the Company’s stated strategy of property investment and development in the Asia Pacific Region, with the main focus on Hong Kong and China.

On completion, the AGP Group will have six development properties and four investment properties, which should enhance the Company’s position in the investment market and enable it to seek a broader institutional shareholder base over time.

BVI company engaged in Asian properties market announces its financial results for Q2, 2006

Monday, September 25th, 2006

The BVI company Asian Growth Properties Limited this month has announced its financial results for the period ended 30 June 2006. The results for immediate release were extracted from the unaudited financial statements of the company.

According to this company release, the pre-tax profit for this period of time was HK$5.0 million, which made a 4% increase over the corresponding period. The Net profit after tax for the period was HK$4.4 million, while in 2005 it was HK$3.9 million.

It is stated in the financial summary that the company has property assets of HK$1.618 billion and cash reserves of HK$598.3 million. The company’s net assets have increased over HK$4.4 million from 31 December 2005, and made the amount of HK$1.575 billion.

The company’s revenues have been derived mainly from rental, interest and investment income during the first six months of 2006. The AGP has reported on the development of the Wanchai Road and San Po Kong projects, and on the progress in the development of Sha Tin new territories in Hong Kong.

The AGP has the intention to invest mainly in the property sectors within Asia region, so currently it is looking for further investment opportunities mainly in Hong Kong and China.

The company Asian Growth Properties was incorporated on 17 February 2004 in the British Virgin Islands and is generally functioning as an investor and developer of commercial, retail and residential properties in Asia. The strategy of the AGP is based mainly on investing within those sectors of the Asian markets where AGP has competitive advantages and within markets where future growth opportunities are identified.

Joint venture gets support for building movie complexes in Vietnam

Saturday, September 23rd, 2006

Building movie complexes by a joint venture involving a British Virgin Islands-registered company has been approved by the Vietnamese government.

MegaStar Media JV Vietnam (JVC) got not only the approval for the USD 20 million project, but also permission to open representative offices in Ho Chi Minh City, Hai Phong and Dong Nai province. New cinemas will be built in TD Plaza in Hai Phong city, Hung Vuong Plaza and Saigon Plaza in Ho Chi Minh City and Saigon Co-op Bien Hoa supermarket in Dong Nai Province.

MegaStar’s shareholders which have invested over USD 5 million in the cinema company are Vietnam-registered Phuong Nam Corporation and BVI-registered Envoy Media Partners Ltd.

MegaStar Media JV Vietnam is the 2nd joint venture opening cinemas and importing movies to Vietnam. It is also the sole distributor for 2 large Hollywood movie production companies – United International Pictures and Buena Vista International showing all films in their original language with Vietnamese subtitles. Its 1st 8-screen cineplex opened in April 2006 on the 6th floor in Hanoi’s Vincom City Towers. MegaStar plans to open 10 multiplexes and entertainment centres with up to 100 screens in other Vietnamese locations.