Archive for December, 2006

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BVI-owned WorldTel Bangladesh announces the delay of fixed line launch in Dhaka

Monday, December 11th, 2006

WorldTel Bangladesh, a private telecommunications company whose major owner is BVI-based World Communications Investment, has told local newspaper The Financial Express that the expected launch of fixed telephony services in the country’s capital Dhaka is delayed.

The BVI-owned company has obtained a license to build, own and operate a 300,000-line telephone network in Dhaka. Earlier WorldTel informed about its plans to install about 300,000 fixed-line telephones in the national capital, with initial offering of 100,000 connections, the network for which is supplied mainly by Chinese vendor ZTE. The deadline for this first launch phase was set at November 2006, but now it is deferred. The reason for this is political turmoil in the country. Nayeem M. Chowdhury, CEO of WorldTel Bangladesh, said in his statement: “We have completed the construction of our network covering Dhaka… This technology is cost-effective and of good quality.”

According to TeleGeography’s GlobalComms database, WorldTel is the only private fixed line operator licensed in the capital of the country, and the first CDMA-based WiLL services were planned to be launched by October 2005. However, the company has since repeatedly deferred its launch, missing this deadline and the further deadlines in December 2005, March 2006 and June 2006.

Bangladesh, a nation of 144 million people, has about 1 million fixed-line phones, mostly provided by state-owned BTTB and other private operators.

Posted in BVI Company & Subsidiary Financials, BVI IBC Business News | No Comments »

Cemex to sell up to $1.5 billion in perpetual bonds issued by BVI-incorporated Special Purpose Vehicles

Saturday, December 9th, 2006

Cemex, the world’s third-largest cement maker plans to sell up to $1.5 billion in fixed-to-floating rate perpetual callable securities, according to Fitch Ratings. As it was stated on Monday, this debt will be sold in two tranches, and issued by special purpose vehicles incorporated with limited liability in the British Virgin Islands. Their assets in the amount of $1.5 billion consist of perpetual dual currency notes issued by New Sunward Holding Financial Ventures (NSHFV), which will be purchased by the issuer or issuers with proceeds from the debentures. The debentures will be secured by a first priority security interest in the dual currency notes.

According to Fitch, the perpetuals will have no fixed maturity date and interest due on any payment date may be deferred by the issuer indefinitely. If the debt is not called, the perpetual notes are expected to have coupons of 3 percentage points over the three-month London interbank offered rate, and will be sold in the next week, according to a source familiar with the deal.

NSHFV is an indirect wholly owned special purpose subsidiary of Cemex, S.A.B. de C.V. (Cemex). NSHFV’s obligations under the dual currency notes will be unconditionally guaranteed on a joint and several basis by Cemex and its subsidiaries Cemex Mexico S.A. de C.V. (Cemex Mexico) and New Sunward Holding B.V. (New Sunward) (the guarantors).

Cemex is the third-largest cement producer in the world based on production capacity of approximately 97 million metric tons in more than 50 countries. During 2005, revenues and EBITDA reached US$15.3 billion and US$3.6 billion, respectively, and the largest contributors to cash flow were as follows: Mexico, 33%; the United States, 27%; and Spain, 11%. Approximately 85% of consolidated EBITDA was earned from investment-grade countries.

Posted in BVI Company Investment Sales, BVI IBC Business News | No Comments »

Brazauro received confirmation of Tocantinzinho project title in Brazil

Thursday, December 7th, 2006

A month ago in one of October blogpost we mentioned the fact of selling by British Virgin Islands incorporated BrazMin Corp. all of its interests in the Tocantinzinho gold project in Brazil. As it was announced on September 13, 2006, BrazMin’s interests in the Project area will be acquired by Brazauro Resources Corporation. In the beginning of December Brazauro Resources Corporation and BrazMin Corporation were advised that the mining license acquired by Brazauro has been confirmed as the paramount title over Brazauro’s Tocantinzinho Project. The license assures good title and continuity to the Project area. Brazauro holds a total of 43,840 hectares of mineral interests at Tocantinzinho.

Upon publication of the confirmation of title in Brazil’s official Government Gazette Brazauro will issue 13.15 million common shares to BVI BrazMin Corporation. The acquisition extends Brazauro’s landholdings at Tocantinzinho to the east and southeast, into zones that Brazauro believes hold potential to expand the overall project’s gold-bearing mineralization.

Anthony H. Ransom, President and CEO of BrazMin, has commented: “Resolution of the complex title issues at Tocantinzinho is a great step forward and will ensure the orderly exploration and development of the area. Through our investment in Brazauro, we will continue to have exposure to this emerging project, while focusing activities on our property portfolio, both within the Tapajos district and elsewhere in Brazil.”

Mark E. Jones, Chairman and CEO of Brazauro Resources Corporation, said, “We are very pleased to complete this title confirmation and to consolidate the entire Tocantinzinho area … We are reviewing the exploration information to date from the new areas now under Brazauro’s control, and will initiate further exploration activities here in the near-term.”

Posted in BVI Company Investment Sales, BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

Mega Rider Offshore Ltd. (BVI) acquires 15% of CITIC International Financial Holdings Limited in HK$ 1,400 million deal

Tuesday, December 5th, 2006

CITIC International Financial Holdings Limited (CIFH) has made an announcement that the company and CITIC International Assets Management Limited (CIAM), its wholly-owned subsidiary, have entered into a share transfer and subscription agreement with overseas investors.

In accordance with the agreement, these 3 overseas investors will invest HK$ 1,400 million in aggregate in CIAM as an exchange for a combined 60% stake in CIAM’s enlarged share capital.

According to the agreement, Asset Managers Co., Ltd., Ithmaar Bank B.S.C. and Mega Rider Offshore Ltd. will buy CIAM’s existing shares from CIFH and subscribe for new shares in CIAM. When the transaction is completed, the shareholdings by Asset Managers Co., Ithmaar Bank and Mega Rider Offshore in CIAM will be 25%, 20% and 15%, respectively. CIFH intends to remain the sole largest shareholder of CIAM in the foreseeable future.

Established in 2002, CIAM was planned for specialising in distressed asset management, particularly managing and recovering a portfolio of non-performing loans as part of CIFH’s reorganisation in 2002. Also, CIAM has made up a team of seasoned investment professionals having experience in managing direct investment projects in Mainland China. Current portfolio of direct investments of CIAM ranges from consumer products and retail network to real estate and high tech industrial projects.

The shares of a Japan-incorporated Asset Managers Co., Ltd. are listed on the Nippon New Market. Primarily, Asset Managers deals with merchant banking business such as real estate fund.

A Bahrain joint stock company, established and registered in the Kingdom of Bahrain, Ithmaar Bank, the shares of which are listed on the Bahrain Stock Exchange, operates as an investment bank throughout Europe, the Middle East, North Africa and Asia. It is regulated by the Central Bank of Bahrain. Besides holding significant investments in the banking and financial services sectors in different markets, major business activities of Ithmaar Bank include private asset management, advisory business, project financing and equity underwriting business.

A BVI-incorporated Mega Rider Offshore is an investment holding company. Mr. Zhang Shikeng and Madam Zhou Xingchen hold a 50% beneficial interest each. They are business persons with businesses in the PRC and Southeast Asia region.

The total consideration for the shares to be sold account for HK$ 394 million. This amount shall be payable on the completion date of the agreement, currently expected to be December 18, 2006. The total subscription for the new shares is HK$ 1,006 million; this amount shall be payable in cash instalments, the first one due on the Completion Date and the rest within a period of two years following the completion date of the agreement.

Posted in BVI Company Mergers & Acquisitions, BVI IBC Business News, Investors' News | No Comments »

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