Archive for October, 2007

Malaysian businessman sells 60m shares of his BVI-based property company

Saturday, October 27th, 2007

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.

CITIC acquires stake in China oil-field operator wholly owned by a BVI company

Tuesday, October 23rd, 2007

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.

BVI-incorporated TechFaith gets license of the leading developer of advanced wireless technologies

Friday, October 19th, 2007

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 Exhibits its Production at Korea IT Show

Monday, October 15th, 2007

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.”