BVI Company News

This month, BVI-registered Balmoral Capital Holdings Inc. (BCHI) signed an Agreement to place its holding ICOM into Sentex Sensing Technologies, Inc. The MOU was announced in April 2007 led to this agreement and a confirmation of financing. Companies’ merger is planned to be completed as quickly as possible, with complete legal formalities and audits.

Sentex is a multi-faceted technology company that specializes in telecommunications services and equipment, wireless communications, etc. Now the company will be manufacturing wireless devices and deploying wireless services, which will be first deployed in the UK. It is projected to gain the status of profitable company in 2008, with over 8-10 million in sales. Now the company is completing merger process  presentations and completing the applications and documentation, to move forward with more than 4 million dollars of financing.

Balmoral Capital Holding Companies is a BVI company focused on all kinds of investment banking services, and its holding company ICOM founded in 1990 provides for various technology based solutions, with key focus in supplying products and services that offer discounted prices for high quality service.

In the beginning of September 2007, Equator Exploration Limited announced the termination of the  agreement related to the conditional merger of with CAMAC Energy Holdings Limited. Equator Exploration, which has its registered address in the British Virgin Islands, made an announcement on 11 June 2007 that it had entered into a conditional merger agreement with CAMAC Energy EP Limited and CAMAC International Limited, relating to a proposed merger of Equator and CAMAC Energy Holdings Limited, a wholly owned subsidiary of CAMAC International Limited.

The Merger Agreement was conditional upon the posting of the AIM Admission Document, to Equator shareholders by no later than 31 August 2007. It has not been possible to produce an Admission Document that would satisfy the requirements of the AIM Rules within the prescribed timeframe, and, as a result of this, the Merger Agreement has been terminated.

Diguang International Development Co., Ltd., which has recently acquired land rights in Shenzhen to use it for industrial purposes,  has announced that it will become one of the executive members of the China Solid State Lighting Alliance. The purpose of this organization is to  promote co-operation and communication between companies competing in the China-based and international solid state lighting industries.

Diguang reported about its choice during the 4th International Forum on Solid State Lighting, which was held in Shanghai from August 22 to 24, 2007. During this event, Diguang exhibited its LED products to National Center for Science & Technology and other exhibition participants.

During the forum, Diguang’s CEO Song Yi was invited to participate in a seminar with other internationally known companies: Philips, Osram, Cree, Seoul Semiconductor, Epistar, Luming Group and Neostones.

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.

Manufacturing company Deswell Industries, Inc., registered in the British Virgin Islands, has made an announcement about the acquisition of additional 24% interest in Integrated International Limited – the holding company for Deswell’s electronics and metallics subsidiaries. The BVI company already has  76% interest in Integrated, so now it becomes its 100% owner.

Purchase price for the 24% interest makes 632,080 common shares of Deswell and a cash payment in the amount of approximately US$413,578 to the minority shareholders of Integrated.

Deswell Industries will hold its 2007 Annual General Meeting on October 9, 2007 in New York.

The Listing Committee of the Bermuda Stock Exchange (BSX) has made the announcement that it has approved the listing of the Common Shares of RenFin II Ltd., a company incorporated in the British Virgin Islands. The BVI-based RenFin II is registered as a closed end investment fund.

The Company listing was effective from 24 July 2007, for the authorised share capital consisting of 4,999,900 shares of this BVI company. The shares are to be distributed to Qualified Investors by the appointed placement agent, Renaissance Capital Investment Management Limited, another company incorporated in the British Virgin Islands. The Common Shares listing of RenFin II was sponsored by Reid Management Limited.

The investment objective of the BVI company listed is to achieve medium term capital growth through Investments in Financial Institutions in the Russian Region, Central and Eastern Europe. These plans were defined by the Investment Manager as undertaking an initial offering, or undertaking mergers and acquisitions in the next 3-4 years.

MegaStar Media Joint Venture Co. inaugurated a new cinema complex in the southern province of Dong Nai. This is company’s third project inaugurated. It was reported by the Deputy director of MegaStar Media that the MegaStar Cineplex on the third floor of Saigon Co. op Mart Bien Hoa comprises six large multi-screen theaters that feature large screens, latest surround sound systems, and the most advanced digital film technology.

The company had spent US$3.1 million to open the complex capable of seating 800 people. MegaStar is planning to continue the development of cinema complexes in Vietnam, by investing more than US$10 million to build three more Cineplex facilities in HCMC and Hanoi. The company is now seeking other locations across the country to develop about 10 more multi-purpose entertaiment centers with approximately 100 screens.

MegaStar is a joint venture between BVI-registered Envoy media Partners Ltd., and HCMC-based Phuong Nam Corporation. MegaStar Media is the second foreign cinema operator in the country.

In the end of August 2007, BVI-based Orca Exploration Group Inc has announced the start of the new oil exploration venture in north western Uganda, to earn a 50% interest in the 6,040 sq km Exploration Area. Orca Exploration has entered into agreement with Neptune Petroleum (Uganda) Limited, a wholly owned subsidiary of Tower Resources plc – an independent oil and gas exploration company focused on sub-Saharan Africa region. Currently this company has a licence to explore 100% of the area.

Under the terms of the above agreement, for granting an interest option Orca will fund 83.33% of the 2007 2D seismic programme, and certain past costs, subject to a maximum carried cost of US$6 million. The BVI company expects to complete seismic data interpretation by the end of the first quarter 2008; after that, Orca Exploration will have the exclusive right to acquire a 50% working interest in Exploration Area 5, in return for funding 83.33% of two exploration wells. Depending on the seismic programme’s results, drilling of the wells should begin in mid-2008. The drilling programme will cost the company between US$10 million and US$15 million.

If Orca exercises its option to become a 50% partner, it will assume management responsibility for all drilling activities. Neptune Petroleum will work as licensed operator for three years.

Orca Exploration Group Inc. is an international public company headquartered in the British Virgin Islands, and conducting its operations from Dar es Salaam, Tanzania. Renamed some time ago (formerly EastCoast Energy Corporation), the BVI company now trades on the TSXV under the trading symbols ORC.B and ORC.A.

Quantum Logistics, a company incorporated in the British Virgin Islands, has signed a Plantation Development Agreement with OGL Asia Pacific Sdn., a wholly-owned controlled entity of Overseas & General Ltd. The companies agreed to develop 20,000 hectares of Oil Palm Plantation in Papua New Guinea.

The Agreement for Development secured by OGL Asia Pacific is for a contract sum of AU$50m, for a period of 33 months – from October 2007 to the year 2010.

Uder the terms of the Agreement, OGL Asia-Pac must receive a non-refundable preliminary advance payment of AU$1m on or before 15 October 2007. Quantum shall deliver the development site at a date no later than the 2nd week of October 2007.

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.