Archive for October, 2008

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Origin Agritech Limited appoints new CFO and files information on naked short selling to SEC

Monday, October 13th, 2008

British Virgin Islands-registered Origin Agritech Limited, which is the leading technology-focused supplier of crop seeds in China, announced the appointment of Yasheng Yang as the Acting Chief Financial Officer of the company. In this post, Yasheng Yang will replace Veronica Chen who leaves the position for other opportunities.

Yasheng Yang has served as Vice Chairman of the board of directors, treasurer of the company, and in the period from 2005 to 2007 he served as the Chief Operating Officer of the company. He has been involved in the Chinese seed industry for more than ten years.

Also, the BVI company has filed a letter of complaint with the U.S. Securities & Exchange Commission regarding the naked short selling of company’s stock.

Posted in BVI and SEC, BVI Company management, Letter of Complaint | No Comments »

Russian Telecom’s company MTS registers company in BVI to buy a stake in Euroset

Wednesday, October 8th, 2008

The investment company ANN has purchased full stock of Russia’s largest mobile handset retailer Euroset, which has over 5,000 retail outlets in Russia and neighbor countries. It is known that this investment company belongs to Russian billionaire Alexander Mamut.

Also, one of Russian newspapers informed that Russia’s largest mobile operator MTS had registered an offshore company Dega Retail Holding Ltd. in the British Virgin Islands, with the purpose to buy a stake in Euroset.

Meanwhile, it is reported that Euroset and Mamut confirmed closing of the deal on September 22. The parties did not disclose the real size of the transaction, however, according to the unofficial sources, Mamut will pay around US$400 million for Euroset, without taking into account its liabilities in the amount of US$850 million.

Posted in BVI Company Formation, BVI Company Mergers & Acquisitions, BVI Holding Companies | No Comments »

Diguang Electronics Signed Agreement with Guangdong authorities for a new LED Backlight

Wednesday, October 1st, 2008

Diguang International Development Co., Ltd., manufacturing company located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced on September 24 that its subsidiary Shenzhen Diguang Electronics Co., Ltd. entered into an agreement with the Information Industry Department of Guangdong Province, under the terms of which it will receive specially allocated funds amounting for research, development and commercialization of a new super-slim LED backlight.

Under the terms of the new agreement, Diguang International will receive specially allocated funds amounting to 5 mln RMB, which will be provided in installments in 2008 and 2009, under a provincial program “Financial Support Project for the Development of the Flat Panel Display Industry in Guangdong Province”, the project which is estimated to reach the short-production stage by August 2010. The users of the LED backlight are expected to include LCD module makers and notebook and television display producers.

Song Yi, Company’s President and CEO, welcomed the support of the Guangdong provincial government, and commented that Diguang has been researching and engineering super-slim LED backlight solutions.  He said that the company is building optimal value and commercial potential into the new backlight, which will not only promote the development of LED backlight technology but also the entire display industry in Guangdong province.

Posted in BVI Company Contracts, BVI IBC Business News | No Comments »

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