Archive for August, 2009

Pansoft to develop financial and accounting solution for Sinopec

Friday, August 28th, 2009

BVI-registered Pansoft Company Limited made an announcement that it will develop a centralized financial and accounting system for Sinopec – one of the largest oil and gas companies in the word, having thousands of subsidiaries worldwide. Sinopec will use the custom-designed centralized financial and accounting solution to enhance its accounting procedures and strengthen its financial management.
Currently the contract between the BVI company and Sinopec is in the drafting and signing process. Pansoft was involved in drafting the development proposal, which was approved by the Office of Chairman at Sinopec in June 2009. According to the plan of the project approved on July 15 by Sinopec and Pansoft representatives, all system customization and development work will be completed by the end of 2009, and the trial operations and final implementations are to finish by 2010.
Pansoft will develop the solution based on SAP Netweaver platform; it has already developed a similar centralized financial and accounting system for PetroChina, which is now being used worldwide by more than 2,000 of PetroChina’s subsidiaries, and which was highly praised by Vice Minister of Finance of China. The new Pansoft solution will be developed with an even larger scope of applications compared to the one utilized by PetroChina.

Nam Tai completes NTEEP privatization

Tuesday, August 25th, 2009

Manufacturing and design company Nam Tai Electronics, Inc., registered in the BVI, announced in July that it had received valid acceptances in respect of 200,567,867 shares of its HK-listed subsidiary  Nam Tai Electronic & Electrical Products Limited (NTEEP), held by NTEEP’s minority shareholders, representing approximately 90.57% of the public float shares of NTEEP.

Nam Tai’s formal cash offer to the minority shareholders of NTEEP, as well as its following privatization, were conditional upon Nam Tai receiving acceptances totalling at least 90% of the public float shares of NTEEP, and now the BVI company announced that the offer became unconditional in all respects.

Now, Nam Tai intends to exercise compulsory acquisition rights to acquire any remaining NTEEP shares that it did not acquire in accordance with its offer, and then withdraw the listing of NTEEP from the HK Stock Exchange.

BVI-registered investor buys Uganda airport

Thursday, August 20th, 2009

The government of Uganda has defended a proposal of an Arab company to manage and redevelop Entebbe Airport. Dodsal Infrastructure Development, based in the United Arab Emirates (UAE) and registered in the British Virgin Islands, wants to acquire a concession to run the airport, to bring it to international standards.

The government of the country planned to develop the airport but did not have money for it. There have been reports that the Government of Uganda had already sold the airport, but they were denied.

Technical committee started work on July 13 to study BVI company’s capacity, locations, its other business ventures and the proposal. It was disclosed also that the process started in September when Dodsal appointed Changi from Singapore as the consultants to study the feasibility of the deal. Later on, Dodsal, Changi and the Government signed a memorandum of understanding that opened way for the study.

In their turn, the Members of Parliament demanded that the ambassadors of the Saudi Arabia and UAE provide information about the investor. Some of them consider it is a wrong step to sell the airport, especially for a land-locked country like Uganda. The task of the government is to explain the arrangement under which the deal was initiated.

Paper company owned by BVI investors gets $250,000 grant

Friday, August 14th, 2009

Potsdam Specialty Paper Inc. received the $250,000 grant from Empire State Development Corp., and will use it to improve the management in the cash flow in the next months and to safeguard the jobs of 79 employees of the paper mill in Unionville, New York. The company is a new business venture owned by  Seafront Paper Ltd., a group of investors from the British Virgin Islands who bought the MeadWestvaco Corporation plant.

The Potsdam paper grant is part of $16.3 million funding announced by Empire State Development Corporation’s Board of Directors in NY aimed at retaining 699 existing jobs and creating 271 new jobs across the state. By words of company’s General Manager Ronald F. Charette, the grant will help them to get some cash flow and working capital.

He said that in recent months the BVI-owned plant has received $800,000 in low-interest loans. The paper mill was also recently recertified for inclusion in the state’s Empire Zone program, which implies substantial tax and investment incentives.

As the mill is now owned by BVI investors, it is considered to be a startup company, and the $250,000 grant has been awarded to cover initial startup and operating costs during the company’s first year of business.