Archive for August, 2007

BVI company in the large investment deal in Macau

Wednesday, August 22nd, 2007

The film distributor Riche Multi-Media Holdings will pay HK$684 million to purchase a 50% stake in a piece of prime land in Macau, from Tiffany Chen Ming-yin, an executive director of the firm and the wife of Mr Heung. The land grant from the Macau government allows for a developable gross floor area of 637,000 square feet of residential space.

In a stock exchange filing Riche announced that the 75% stake of the land was acquired by Ms Chen in the past two months for HK$1.026 billion, via BVI-registered Modern Vision. Now Ms Chen retains a 25% interest in the 50,000-square-foot site, with the remaining 25% stake held by the third party which is not named.

After Riche Multi-Media said it would acquire a site in Macau, its shares soared 12.68% in brief trading during one day.

Because of the high level of piracy in China mainland, in recent months Riche Multi-Media has pulled back from its traditional film distribution business and seeks new investment opportunities in Macau.

BVI company builds 5 star hotel in Cardiff

Monday, August 20th, 2007

A British Virgin Islands-based ICML Investments has lodged a planning application with Cardiff Councils for the 33-acre carbon neutral development in the middle of the city. This became the result of more than 2 years of talks with about 30 landowners. Some time ago the BVI company reported about building of Wales’ ninth 5-star hotel, as part of this £450m project and one of its cornerstones.

The 24-storey hotel will be located on a site near Cardiff city centre, and will include more than 2,000 flats and 480.000 sq ft of offices, as well as 400 new homes. It will be the third luxury hotel in Cardiff; the two hotels already existing and functioning are the Hilton Cardiff in the city centre, and St David’s Hotel and Spa in Cardiff Bay. The new development, which will be called Havannah Quay, will create about 2,500 jobs in a new commercial quarter. It is also the world’s largest carbon-neutral scheme because of some revolutionary heating and lighting systems.

The BVI company has not revealed its plans completely, saying they are waiting until planning permission granted by Cardiff Council. Building works are planned to be started as early as the end of this year, if planning permission is given. ICML Investments specialists consider that the project will take about five or six years to complete.

As a result of this project, some businesses in the area have expressed their concerns that they could be squeezed out of the city centre to the outskirts of Cardiff.

Nam Tai Electronics reports quarterly profit rise

Saturday, August 18th, 2007

The contract manufacturer Nam Tai Eelectronics Inc., producing components for consumer electronics products, has announced the rise of its quarterly profit. The company is domiciled in the British Virgin Islands but conducts its business from a headquarters on the Chinese territory of Macau.

Higher profits of the BVI company are boosted by solid margins and benefit from the sale of securities. The second quarter net income of BVI incorporated Nam Tai Electronics made $38.8 million, or 87 cents a share, compared to $18.5 million, or 42 cents a share, in the same period of 2006.

Excluding a one-time gain of more than $43 million from the sale of marketable securities, company’s profit was 26 cents a share, down if compared to 46 cents in 2006, but higher than average prognosis of analysts that made just 19 cents a share. Shares of Nam Tai rose more than 5% on the New York Stock Exchange.

Nam Tai reported the decline in business from telecommunication components assembly. The company said in its statement , “This product segment is dependent on demand in the mobile phone market, and one of our indirect customers suffered a substantial drop in sales volume in its mobile devices business in Asia and Europe.” Despite of this fact, the company reported the 11.5% increase of gross profit margin in the second quarter of 2007.

Nam Tai shares are traded at $12.75, up 54 cents or about 4.4%.

Diguang International to acquire land rights in Shenzhen

Thursday, August 16th, 2007

Diguang International Development Co., Ltd., an emerging China-based leader in the manufacturing of backlights for LCD displays, has announced the acquisition of land rights in Shenzhen at preferential prices.

Diguang International is incorporated in Nevada and has its sales and marketing subsidiary located in the British Virgin Islands. Its manufacturing subsidiary is located in Shenzhen. Now, the company has announced that the government of Shenzhen has approved an industrial land acquisition application made by Shenzhen Diguang Electronics Co., Ltd.

Diguang’s subsidiary in Shenzhen has received from the local government’s land administration the 50 years right to use 34,930.56 square meters of industrial land in the Guangming Hi-Tech Park, National LED Industry Area in Shenzhen. The company obtained this right under a preferential price policy, implemented to encourage high-technology projects in Shenzhen. Shenzhen Diguang Electronics paid the amount of 16,766,669 RMB, the price which is said to be substantially below the current market value of this property.

Diguang’s CEO Song Yi has commented, “Approval of this land use application represents welcome progress in our plans for our subsidiary to expand its production facilities. We are pleased to announce this milestone in the development of Diguang International.”

The purchased land will be used for the production of LED backlights for LCD televisions, computer monitors, LED lamps and other applications.