Archive for September, 2007

BVI-registered Deswell Industries becomes 100% owner of Integrated International Limited

Saturday, September 15th, 2007

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.

BVI Fund RenFin II Ltd. Listed on Bermuda Stock Exchange

Thursday, September 13th, 2007

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.

BVI-domiciled MegaStar Media Vietnam opens a new movie complex

Tuesday, September 11th, 2007

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.

Orca Exploration Group to enter into new oil exploration agreement in Uganda

Sunday, September 9th, 2007

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.