BVI Company News

BVI-registered Spinnaker Funds announced that it has purchased 914.7 million shares of Indonesia’s PT Trimegah, at the price of 215 rupiah a share (1 usd = 9,025 rupiah). This deal makes the BVI Fund Group the owner of 25% stake in the company.

Spinnaker Funds said in its statement that the stock was acquired on July 9. The shares were bought from United Investment Inc, PT Philadel Terra Lestara, and businessman Pieter Tanuri. The Fund Group representatives said also that the purchase will launch a mandatory tender offer, as required by the capital markets regulator, to acquire more shares from the public. Currently, 49.57% of company’s stock is held by the public.

The tender offer price was set at the same level of 215 rupiah, but the BVI Funds did not specify in its statement how many additional shares of Indonesian company it plans to purchase.

China Mineral Technologies, Inc. has announced the financial results of its wholly owned British Virgin Islands subsidiary Powersmart Holdings Limited, as well as the change of the name of this BVI company into Gengsheng International Corporation.

BVI company’s reported revenues for the three-month period ended on March 31, 2007 made $8.5 million, which is a 69% increase if compared to $5.0 million reported for the same period 2006. Gross profit for the three month period ended March 31, 2007 was $3.4 million, or 39.4% of net revenues if compared to gross profit of $1.9 million, or 38.1% for the same period last year.
Total operating expenses were $1.8 million for the three-month period ended on March 31, 2007, or 21.5% of net revenues, compared to $1.1 million in total operating expenses, or 22.0% of net revenues for the same period last year.

Net income for this period of 2007 was $1.3 million, or 14.8% of net revenues, compared to $0.8 million, or 15.0% of net revenues for the same period last year.

CMT has announced the change of name of its BVI-based subsidiary, and filed the certificate with the Registry of Corporate Affairs, BVI Financial Services Commission. The name change became effective as of June 6, 2007.

Gengsheng International Corporation, formerly Powersmart Holdings Ltd., was acquired by China Mineral Technologies, Inc. on April 25, 2007 through a reverse merger transaction. China Minerals Technologies is a mineral-based manufacturer which produces monolithic refractories, industrial ceramics and related products. The company makes its business through Gengsheng International as well as through its Chinese subsidiaries, which include Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High-Temperature Materials Co., Ltd.

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.

TSX Venture Exchange has accepted for filing documentation concerning the Share Purchase Agreement between Centrasia Mining Ltd, its BVI-domiciled subsidiary Magellan Holdings Corp., and Stargate Solutions Ltd. Pursuant to this Agreement, Centrasia will purchase all the issued and outstanding shares of R.P.I.M. Minerals Ltd. (RPIM). This Cyprus company, in its turn, is the full owner of a Russian company, ZAO “Rudprominvest” (RPI). At closing of the deal, the shares of RPIM shall be transferred to the BVI-based Magellan Holdings.

Under the Share Purchase Agreement, the considerations payable by Centrasia Mining Ltd. to Stargate Solutions will include the Cash Purchase Price in the amount of US$12,500,000, of which US$6,000,000 is payable at closing of the Acquisition; and the Consideration shares of the issuer in the amount of 12,500,000, to be issued on Closing, which will be subject to the Escrow Agreement.

It was reported last week by some Indonesian newspapers that a 20% stake in the British Virgin Islands-registered Encore Limited will be probably received by Japanese trading house Mitsubishi Corp.

Mitsubishi is now the most likely winner in the bidding for this stake, after rival bidder Aabar Petroleum Investment Co pulled out. It is said in the same report that the value of 20% stake is about 350 million USD, and that the bidders have been conducting due diligence on Encore since November 2006.

The BVI-based Encore Ltd., controlled by the Panigoro family, is currently the single largest shareholder in Indonesian oil and gas company PT Medco Energi International,with a 50.7% stake.

Both the BVI company and Medco officials were not available for comments concerning the sale of 20% stake and Mitsubishi as the possible winner. However, Indonesian newspaper quoted Medco president as saying that while selling such a stake by Encore Ltd was possible, the deal is not concluded yet.