Archive for July, 2008

SPC updates results on exploration well owned through BVI subsidiary

Tuesday, July 29th, 2008

Singapore Petroleum Company Limited (SPC) on July 25 published drilling update on the exploration well in Cambodia, which followed company’s previous announcement made on July 8, 2008. SPC Vice-President Mr Brian Boslaugh commented on the drilling results saying that SPC will continue to work closely with its partners, and to undertake technical works.

The well is located in Cambodia Block B, east of the Khmer sub-basin, in water depth of about 75 metres. SPC holds a 33.3% interest in the Block B through its wholly-owned subsidiary SPC Cambodia Ltd, incorporated in the British Virgin Islands. The BVI company, in its turn, is a wholly-owned subsidiary of SPC Production Company Ltd, which is a wholly-owned subsidiary of SPC. SPC’s share of the drilling costs  in the Block is approximately US$3.0 million, its partners are PTTEP International Limited and Resourceful Petroleum Limited.

SPC is a regional oil and gas company with interests in oil and gas exploration, development and production, marketing and trade. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

BVI-registered A-Power Energy to start USD 20 million project

Friday, July 18th, 2008

A-Power Energy Generation Systems Ltd, power systems firm, announced that it has signed an agreement. According to the deal, a wind turbine production facility will be built by the company with the Chinese city government of Bayan Nur.

According to a British Virging Islands corporation, Bayan Nur (Inner Mongolia) is located in one of the 3 premium wind belts in China, and the Chinese central government has approved 2 100 MW of wind power generation in the Bayan Nur region. A-Power Chief Executive Jinxiang Lu commented the following: “The 800 MW annual wind turbine production capacity at this new Inner Mongolia facility combined with over 1 000 MW from the first phase of our Shenyang production facility will give A-Power an annual wind turbine production capacity of over 1 800 MW by the end of 2009”.

The BVI incorporated A-Power Energy Generation Systems Ltd expects the 290 000 square foot plant to cost around USD 20 million, and the project is planned to be completed in July 2009. The newly built plant will have wind turbines of 2.5 MW and 750 kW capacity.

It is also important that, under the deal, the city government of Bayan Nur agreed to tax breaks as well as to coordinate sales with wind farms in and around the city region.

It is also worth noting that the shares of the BVI-registered company grew more than 3% to USD 29.56 on Nasdaq.

LSE AIM listed Yangtze China Investment invests 5 million USD in BVI holding company

Thursday, July 10th, 2008

According to Yangtze China Investment Ltd., it has invested USD 5 million in Aesthetic International Holdings Group (BVI) Ltd. in return for a loan convertible into 25% of the share capital of Aesthetic. Aesthetic is the British Virgin Islands holding company for a Beijing-based beauty spa franchise group.

The 15% convertible loan note, which is due in 2011, on a fully diluted basis represents the 25% stake.

A BVI-incorporated company Aesthetic International Holdings Group Ltd. has been set up with a view to facilitate the investment by Yangtze China Investment Ltd. and the subsequent corporate restructuring of the group. The restructuring is to be be implemented after the completion. The group’s restructuring will be completed by Aesthetic with the help of funds invested. In accordance woth Yangtze, the invested funds will also enable the group to raise its profile by means of increased marketing and promotion of brands and products, as well as to expand the research and development team and establish beauty training and franchise management centres.

It should also be noted that this is the 1st investment of Yangtze following its admission to AIM.