Archive for January, 2013

LDK Solar entered into agreement with BVI company

Saturday, January 26th, 2013

LDK Solar Co., one of the leading manufacturers of photovoltaic products, announced that it has entered into a share purchase agreement with Fulai Investments Limited, a company incorporated under the British Virgin Islands law and wholly owned by Mr. Cheng Kin Ming, a Chinese merchant making business in Hong Kong. By terms of this agreement, the BVI company will purchase 17,000,000 newly issued ordinary shares of LDK Solar, at a purchase price of US$1.83 per share with an aggregate purchase price of US$31,110,000. Terms and conditions of the share purchase agreement also include a lock-up for 180 days from the closing date of the transactions.

Pursuant to the agreement, the companies will try to fulfill the closing conditions to consummate the transactions prior to February 28,2013. Fulai Investments also has the right to appoint two non-executive directors to the LDK Solar board upon consummation of the transaction. The net proceeds will be used for general corporate purposes in LDK Solar’s operations.

BVI company signed contract for gold plant project in Tanzania

Monday, January 21st, 2013

MDM Engineering Group Limited, AIM-listed BVI company working in the sphere of mining industry, signed the EPC contract with African Barrrick Gold, which is the largest gold producer in Tanzania, having a portfolio of four operating mines. The signed agreement is for the execution of a 2.4 million tonnes per annum gold plant for Bulyanhulu Process Plant Expansion project in Tanzania; Bulyanhulu project is owned and operated by African Barrick Gold.

MDM Executive Director, George Bennett, said in his comments on the contract signed: “We have been working on the Bulyanhulu project since August 2011 and are delighted to have now signed the formal EPC execution contract. The team’s comprehensive gold experience coupled with our in-depth working knowledge of Tanzania, will ensure a streamlined project. We look forward to a successful working relationship with African Barrick Gold.”

MDM successfully completed the bankable feasibility study in December 2011, and value engineering in March and April 2012. The BVI company is now executing the project which includes construction of a new 2.4Mtpa CIL facility.

Rosneft acquires 50% in BVI-owned TNK-BP for US$55bn

Thursday, January 10th, 2013

Russian oil producer TNK-BP, which is owned by the British Virgin Islands-incorporated holding structure, was involved in a complex transaction. As a result of this deal, Rosneft, which is the leader of Russia’s petroleum industry and ranks among the world’s top publicly traded oil and gas companies, acquired 50 per cent stake in TNK BP from AAR Consortium (consisting of Alfa Group, Access Industries and Renova) for US$55bn.

Earlier in December 2012, Rosneft signed two loan agreements with a group of international banks, for a total amount of US$16.8bn, to finance the acquisition transaction.

As a result of the acquisition of the BVI-owned company, Rosneft, which is state-owned for about 75 per cent, will become one of the world’s largest oil producers. The transaction is expected to be completed in the first half of 2013, subject to approval from Russian and European Union competition and antimonopoly authorities.