Archive for June, 2008

BVI-registered Bloomsbury to receive gaming licence in Philippines

Monday, June 30th, 2008

Australia’s second-richest man, gaming and media magnate James Packer, whose joint venture with Lawrence Ho Yau-lung is making billions of dollars of investments in Macau, currently is in talks for building a US$1.5 billion casino resort in the Philippines.

The Philippines is one of several Asian countries aiming to take piece of gaming tourism boom in Macau. Last year, legislation was passed in the jurisdiction that allows issuing gaming licences to private firms, and Mr Packer is now revealed as the owner of British Virgin Islands-registered Bloomsbury Investments – one of four private development companies tipped by state company Philippine Amusement & Gaming Corp (Pagcor) to obtain gaming licence for a number of Las Vegas-style mega resorts in Manila Bay. It is worth noting that three of these four firms have ties to Macau.

The BVI company of Mr Packer has already submitted a  US$100 mln deposit towards plans to develop a 1,700-room resort and convention centre complex. Now, since foreign investors could only take control over up to 49% of the Manila Bay projects, Mr Parker is negotiating to secure a local partnership with the Alvarez family, which owns the Columbian Autocar Corp., the largest manufacturer and distributor of autos and buses in the Philippines.

Mr Packer has joint venture partnership with Mr Ho whose Melco International Development formed an exclusive partnership with Crown (formerly Publishing and Broadcasting Ltd) to develop casino projects in the region. Each of these companies has a 37.9% stake in Nasdaq-listed Melco Crown Entertainment (Macau), which operates the US$58 mln Crown Macau on Taipa Island, and builds the US$2.3 billion project called the City of Dreams. However, current Philippine project, initiated by Mr Parker personally, did not involve the joint venture.

Vietnam Eximbank boosts its capital base by selling its stakes to BVI, South Korea and Vietnam Funds

Sunday, June 22nd, 2008

Last week Vietnam’s Export Import Commercial Bank (Eximbank) said that it has raised its capital base by 1/3 after ending its share sales to foreign investors. Its registered capital rose 33.3% in the end of May, as it ended selling shares to Sumitomo Mitsui, Japan’s third largest bank.

Eximbank sold 5% of stake to British Virgin Islands-registered VOF Investment Ltd, 4.5% to MAE under South Korea’s top mutual fund Mirae Asset group, and 0.5% to Mirrae Asset Maps Opportunity Vietnam Equity Balanced Fund1.

A-Power Energy Starts Trading on NASDAQ Global Select Market

Monday, June 16th, 2008

BVI-registered A-Power Energy Generation Systems, Ltd., providing distributed power generation systems in China, has announced on June 2 that its shares are upgraded to trade on the NASDAQ Global Select Market, under the symbol APWR.

The Chairman and CEO of the BVI company, Jinxiang Lu, noted in his comments that, as the NASDAQ Global Select Market was created for companies that meet the most stringent requirements, this upgrade of A-Power Energy “reflects company’s continued growth and enhanced market value.” He also said they are pleased to have met the financial and liquidity requirements that enable shares to be traded along with NASDAQ’s top companies.

Common stock of A-Power was listed on the NASDAQ Capital Market prior to the upgrade.

Diguang International awarded for design innovation at China Optoelectronics and Display Exposition

Wednesday, June 11th, 2008

Diguang International Development Co., Ltd., manufacturing company located in Shenzhen and having its sales and marketing subsidiary registered in BVI, made an announcement on June 5 that its newly developed LCD-TV LED backlight module received a Design Innovation Award. The award was granted by the conference committee of the China Optoelectronics and Display Exposition (also known as 2008 CODE). One of company’s subsidiaries, Shenzhen Diguang Electronics Co., Ltd., displayed this modules ranging in size from 1 to 42 formats at this trade show, which was held at the Shenzhen Convention and Expo Center in May 23-26, 2008.

Company’s CEO and President, Song Yi in his speech thanked the conference committee for granting this high-level recognition to their technology innovations in television backlights.