Archive for May, 2008

BVI-registered Starbay Holdings Ltd. receives investment license in Phu Quoc (Vietnam)

Saturday, May 24th, 2008

Recently British Virgin Islands company Starbay Holdings Ltd. received an investment license to start up the Dai Beach Resort project in Phu Quoc district, more than US$1.6 billion worth. The license was issued by the Kien Giang People’s Committee at the international conference devoted to tourist real-estate investment opportunities.

The project that will be commenced by the BVI company will include hotels, rest-homes, golf course, villas, department stores and other services.  Construction site will be located on 540ha area of Dai beach, Ganh Dau commune in Phu Quoc.

Mr Martin H.Kaye, General Director of Starbay Holdings Ltd., informed that it took the company four years to receive the license. According to the plan, the project will be completed in five phases until 2020.

BVI-Filippines JV receives grant for the 14-billion power plant project

Saturday, May 17th, 2008

The Board of Investments approved grant of incentives to the 14-billion power plant project of Global Business Power Corp. in Toledo (Philippines), the company which is partially owned by George Ty’s Metrobank Group. Power plants will start commercial operations in December 2010, and the project will address the power crisis in the territory by 2010 brought on by rising demand and insufficient power supply.

Global Business Power Corp. is a joint venture between British Virgin Islands-registered ARETA Offshore Ventures Ltd., and Filipino investors. The BVI company owns 50%, 38% are owned by Global Business Holdings Corp., and the remaining 12% stake is owned by Metrobank’s First Metro Investment Corp. The main subsidiaries of Global Business Power are Toledo Power Co., Mirant (Philippines) Island Generation Corp., and Claredon Tower Holdings Inc.

Aurora Metals (BVI) Limited transfers to British Columbia

Sunday, May 11th, 2008

Aurora Platinum Exploration, formerly Aurora Metals (BVI) Limited, announced on May 6, 2008 that it has transferred out of the jurisdiction of the BVI, and incorporated in British Columbia, Canada. Also, the company has changed its name to Aurora Platinum Exploration Inc. Both changes came into effect on May 5, being the requirements under the arrangement agreement with Nevoro Inc., pursuant to which Nevoro will acquire 100% of the common shares of Aurora. Holders of more than 50% of Aurora common shares have entered into voting agreements with Nevoro and will vote their common shares for the plan of arrangement, which is expected to complete until July 31, 2008.

Aurora Platinum Exploration (formerly BVI company) is focused on mineral exploration and development of its properties in Montana. In the mid of April, it announced Settlement Agreement with Trend Mining Company, having obtained the termination of the joint venture agreement and release of all the claims of interest to its property.