BVI Company News

Malaysian businessman Datuk Ishak Ismail has exited the property holding company Land & General Berhad (L&G), after British Virgin Islands-registered Unioncity Enterprises Ltd., associated with him, disposed of 60.64 million shares. Following the sale that took place on September 30, 2007, the BVI company reduced its stake to 23.68 million shares.

Unioncity Enterprises became a substantial shareholder of L&G in May 2007, after it acquired a 6.35% stake; on August 2007, it raised it to 84.31 million, or 14.09%, and became the single largest shareholder of the company. BVI company’s interests in L&G rose after Hong Kong-based property tycoon emerged as a substantial shareholder in the former, after he acquired an 8.35% stake through the company Mayland Parkview. In October, its stake has increased to 11.03%, and made 66 million shares.

There was a talk that Mayland Parkview and BVI-registered Unioncity could compete for control over the company.

According to a statement released last week to the Stock Exchange of Hong Kong, an affiliate of Hong Kong-listed resources company CITIC Resources, CITIC Haiyue Energy, on September 28 acquired a stake in Tincy Group, for the price of $148.18 mln.

Tincy Group, which is wholly owned by the British Virgin Islands-domiciled Far Great Investments, operates an oil field in northeastern China’s province Liaoning. In May 2007, this BVI company signed an option agreement with CITIC Haiyue, which allowed the former to buy 90% stake of Tincy Group, or 9 million shares.

Tincy and Chinese state oil giant China National Petroleum Corp. are joint partners in a production sharing contract for the Hainan-Yuedong block in China’s northeastern Liaoning province until 2034. The companies signed the Hainan-Yuedong contract in February 2004.

The leading developer and innovator of advanced wireless technologies and data solutions Qualcomm Incorporated has announced that it has granted TechFaith Wireless Technology Group Limited, a British Virgin Islands corporation and wholly-owned subsidiary of China TechFaith Wireless Communication Technology Limited, a license to develop, manufacture and sell subscriber units and modem cards implementing the WCDMA and TD-SCDMA standards.

Now TechFaith is licensed by Qualcomm for 3G subscriber units and modem cards. The royalties payable by the BVI company are at Qualcomm’s standard worldwide rates.

Philip He, CTO of TechFaith, said that “As a handset ODM, TechFaith is now able to develop, manufacture and sell products covering the 3G spectrum, including CDMA2000, WCDMA/UMTS and TD-SCDMA. We believe the close cooperation with Qualcomm will enable us to offer our customers fully integrated 3G solutions that will serve the worldwide market and will support a seamless transition by GSM and GPRS operators to 3G — making the most of existing network investments, reducing startup costs and providing rewarding new experiences and applications for consumers.”

BVI-registered TechFaith Wireless is an original design manufacturer focused on research and development of mobile phone solutions based in China. The company employs approximately 1,300 professionals, of whom 90% are engineers. TechFaith’s business is connected with handset design, feature phone solution, data card and wireless module, application software, and smartphone and pocket Pcs. TechFaith is able to provide MMI/UI software packages that fulfill the specifications of handset brand owners and major global operators.

Diguang International Development Co., Ltd. has received a favorable reception for the products of its subsidiary Shenzhen Diguang Electronics Co., Ltd., from trade buyers at the largest IT show in South Korea, – the 38th Korea Electronics Show. On the show, the company is displaying a variety of its backlight products, with its large-size LED TFT-LCD backlight technologies. Diguang has developed proprietary designs for large-format LED backlights, to supplant the mercury-laden CCFL technology that can be found in most larger displays.

Diguang corporation having its sales and marketing subsidiary registered in the British Virgin Islands has already recently participated in the International Forum on Solid State Lightning in Shanghai.

Song Yi, Chief Executive Officer of Diguang, has commented, “Our large-format products have been well received everywhere we have shown them, and the Korea Electronics Show has been no exception, we have a busy calendar of appearances just ahead. We continue to support the sales and marketing process through trade shows as  we gain traction in the marketplace… They are good opportunities for us to establish the kind of new customer relationships that can lead to expanding our market share in the backlight industry.”

The government of India, has approved the proposal of the British Virgin Islands-registered company Passport Global Master Fund SPC Ltd., to buy a 5% stake in Delhi Stock Exchange for the amount of  Rs 10.61 crore ($2.5 million).

The BVI company became one of 4 foreign investors that have picked up 5 per cent stake in DSE. Other purchasers are Mauritius-based Wilmette Holdings, Kuwait-based Noor Financial Investment Company, Kuwait Privatisation Projects Holding and Ikarus Industrial Petroleum Company of Kuwait.

It is interesting that, having accepted the proposal of Passport’s BVI entity, government had rejected the proposal of Passport Investments, Mauritius, to invest in DSE.

Resolute Capital Growth Fund made an announcement that its shares have been listed on the Irish Stock Exchange. The listing was sponsored by NCB Stockbrokers Ltd., one of Ireland’s largest independent securities firms.

Being listed on the Irish Stock Exchange is an important step in the BVI fund’s objective of providing the highest possible level of transparency to investors. Carlo Scevola, president of Resolute Capital, has said, “This listing is further evidence of our commitment to provide our investors with the maximum visibility into our fund operations. We strongly believe greater transparency leads to better informed investors and, ultimately, more predictable, less volatile markets.”

Resolute Capital Growth Fund is a professional investment fund registered in the British Virgin Islands, licensed with the BVI Financial Services Commission. Since 2003, it specializes on low-volatility, market-neutral and performance-driven trading strategies, and invests primarily in currencies. Annual returns of the fund are about 30%, and declared maximum risk made 2%. The fund has developed proprietary methodologies to provide investors with high returns through any type of market conditions.

The director of UTi Worldwide Inc., freight logistics provider registered in the British Virgin Islands, has bought 15,000 shares of common stock. The information about this was provided last week by a Securities and Exchange Commission.

The director of BVI registered UTi Worldwide Allan M. Rosenzweig reported in a Form 4 filed with the SEC that he bought the shares for $22.49 to $22.50 a piece.

Form 4s is filed with the SEC by companies’ insiders to report transactions in their companies’ shares. Open market purchases and sales should be reported within two business days of the transaction.

TSX Group Inc. has made an announcement that it has entered into an agreement with a Canadian company Enbridge Inc. and BVI-registered Circuit Technology Ltd. This agreement will grant TSX Group the option to acquire NetThruPut Inc. (NTP), a company jointly owned by these two companies, at a time after March 15, 2009.

The Calgary-based NTP is the leading electronic trading platform and clearing facility for crude oil. TSX Group has paid $9.5 million for the right to acquire NTP from its shareholders at a price between $40 million and $95 million, depending on NTP’s 2008 net earnings.

BVI company will receive the TSX Group shares, issued subject to Toronto Stock Exchange regulatory approval. This agreement also provides Enbridge and Circuit Technology, with the right to sell NTP under the same terms to TSX Group.

NetThruPut Inc. is an independently operated company holding leading positions in Canada in internet-based crude oil trading systems. It is 52% owned by Enbridge Inc. (whose major business is in crude oil transportation), and 48% by Circuit Technology Limited – a private investment company registered in the British Virgin Islands. NTP provides a secure internet-based crude oil trading and clearing platform for customers to transact business anonymously in real-time, with the assurance of guaranteed commodity delivery and payment. The company has also created a liquid marketplace for buying and selling crude oil.

TSX Group operates two national stock exchanges of Canada, – Toronto Stock Exchange and TSX Venture Exchange, - as well as Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts.

BVI-registered Talon Metal Corporation (formerly Brazmin Corp.) has made an announcement in the beginning of September 2007. The company reported about the discovery of a new gold mineralized zone at the company’s Agua Branca Gold project. So, the company has started its Fall 2007 exploration program at Agua Branca. Surface work has begun and diamond drilling will be commenced in the beginning of October 2007, the limits of the work zone have not yet been defined.

A Fall 2007 exploration program at Agua Branca commenced by the company has the budget of $650,000. The 48,043 hectare Project is located within the Tapajós Gold District in Brazil. Brazmin started exploration on the property in 2006; after Brazmin Corp. sold all of its interests in the Tocantinzinho gold project area in Brazil, Agua Branca Gold Project along with São Jorge became one of the two major projects of the BVI company.

Brazmin Corp. gained a new name in July 2007, following the approval of the board of directors. The name was changed to Talon Metals Corp. Subject to coordination with the Toronto Stock Exchange (TSX), the company changed its trading symbol from BZM.TO to TLO.TO.