Archive for December, 2007

Renaissance Investment Management appoints new CEOof RIM International

Tuesday, December 25th, 2007

Renaissance Investment Management has announced that Mr. Rod Barker was apointed as Co-CEO of Renaissance Investment Management (RIM) and CEO of RIM International, while Mr. Andrei Movchan, who has been CEO of RIM since 2003, becomes Co-CEO of RIM and will focus on Russia and the CIS countries.

Mr. Stephen Jennings, CEO Renaissance Group, welcomed Baker and emphasized his a leadership capacity to help grow and evolve the company’s investment management business. He particularly marked Baker’s capacity to work with the positioning of investment funds in the international marketplace.

According to Movchan, during 5 years of RIM’s existence it has become the dominant player in the CIS markets, to a great extent because its exceptional product range and a loyal client base, however, the extension to international markets and the development of international distribution capabilities will bring RIM to the next level.

Malaysian Ernslaw One to purchase BVI- and Hong Kong-controlled Winstone Pulp

Wednesday, December 19th, 2007

Malaysian company Ernslaw One is buying the New Zealand forestry company Winstone Pulp International, for an undisclosed amount of money. The deal is subject to Overseas Investment Office approval.

At present, Winstone is controlled by offshore companies, registered in Hong Kong and the British Virgin Islands. The company owns about 16,500 hectares of forest in the central North Island, a sawmill at Tangiwai and a pulp mill nearby at Karioi, and employs about 300 staff. By the fiscal results at September 30, 2006, company’s forest crop was valued at US$83 mln, and its fixed assets were evaluated at US$38.7 mln. For the same period, company had revenue of US$131 mln, but made a US$10.1 mln loss.

The purchase took forestry plantation of Ernslaw One to 100,000 hectares, making it the fourth largest forest owner in New Zealand. As at June 30, Ernslaw One’s forest estate was valued at US$254 mln.

Managing director of the BVI- and Hong Kong-controlled company David Anderson said the sale would not affect staff levels.

Brazilian experts reveal oil and gas reserves in Namibia

Thursday, December 13th, 2007

Brazilian experts which took about 200 samples in Namibia have revealed some small traces of oil and gas, and the first report on their finds will be submitted to the Namibian Government next month. The research was conducted by a Brazilian geologist and oil expert Dr Marcio Rocha Mello for the newly established Namibian company Enigma Investments of Swapo Heinrich Ndume.

Enigma Investments also has three offshore exploration licence blocks in Namibia. Ndume together with his two partners also has a share in Greendale Universal Holdings, a company registered in the British Virgin Islands, which obtained two other licence blocks in Namibian waters at the end of 2005.

The Brazilian specialist Dr Mello heads his own company, High Resolution Technology in Rio de Janeiro. After HRT completes its scientific analysis by March 2008, Enigma will decide on drilling a test well offshore.

Olympia Capital International operating funds in BVI and other jurisdictions acquired by CACEIS

Saturday, December 8th, 2007

Olympia Capital International, the alternative investment fund administration specialist, has been acquired by CACEIS Group, a leading player in institutional securities services. Olympia Capital provides high quality services to clients in the alternative investment fund industry, administering some $70 billion in assets for funds domiciled in the Cayman Islands, the British Virgin Islands, Bermuda, Ireland and the U.S. CACEIS provides securities services to its clients worldwide, from fund administration and custody to securities lending and foreign exchange.

Commenting on the acquistion, Mr. Lewnowski, the founder and former owner of Olympia Capital International, stated that “The combination of Olympia Capital’s and CACEIS’s experience in alternatives, financial strength and quality is in the best interest of our clients. CACEIS’s significant experience in providing customised services to the alternative investment community and its financial stability reflected by an impressive AA- rating from Standard and Poor’s will enable us to deliver new and innovative services to our clients on a global basis”.