Archive for August, 2014

MDM Engineering Group announced financial results for year ended 31 March 2014

Tuesday, August 26th, 2014

MDM Engineering Group Limited, the minerals process and project management company working in the mining industry, announced its audited financial results for the full year period ended 31 March 2014. The BVI company reported revenue of US$ 108.7 million, as compared to US$ 137.2 million in the previous year; gross profit of US$ 24.2 million, as compared to US$ 33.0 million in 2013; pre-tax profit of US$ 12.2 million (US$ 20.4 million in 2013), and after tax earnings of US$ 10.4 million (US$ 14.2 million in 2013).

Basic earnings of MDM Engineering Group were US 27.66 cents per share, as compared to US 37.78 cents per share in the last year.

Among company’s highlights in this year, there is recommended takeover offer from global engineering and construction group and power equipment supplier Foster Wheeler. Upon completion of this transaction, which is expected very soon, MDM ordinary shares will no longer be traded on the AIM Market.

For the year 2014, the group announced strong cash position of US$ 23.7 million (US$ 34.6 million in 2013), and full year dividend of US 8.00 cents per share.

BVI Group entered into agreement with subsidiary of SEA Holdings Limited

Saturday, August 16th, 2014

Asian Growth Properties Limited, the company registered in the British Virgin Islands and based in Hong Kong, acting as investor and developer of commercial, retail and residential properties in Asia, has entered into an agreement with South-East Asia Investment And Agency Company, Limited, a wholly-owned subsidiary of SEA Holdings Limited.

The purpose of the agreement between the BVI company together with its subsidiaries and the subsidiary of SEA Holdings Limited, an investment holding company engaged in the investment and development of properties in Hong Kong, Mainland China, and Australia, is for Asian Growth Properties to use South-East Asia Investment’s facilities and personnel to carry out its corporate and management activities.

This is to be done on a cost-sharing basis, as agreed by the parties. Under the terms of the Cost Sharing Agreement, which has no fixed time period, Asian Growth Property’s service recipients will pay their share of the costs incurred by South-East Asia Investment And Agency Company, in consideration of its personnel and facilities being available to the BVI group.

TechFaith announced the launch of 6th generation Android ruggedized smartphone

Friday, August 8th, 2014

BVI-based company focused on mobile software, China TechFaith Wireless Communication Technology Limited, has launched the “A6” – its 6th generation ruggedized smartphone, which is planned to appear on the mass market in the fourth quarter of 2014. Company’s ruggedized A6 smartphone is 12 mm thick, featuring a 5.0 inch high resolution LCD based on 2nd Generation Gorilla Glass, and certified with IP68 and MIL-810G standards. Also, it has a 13.0 mega pixel rear camera. The smartphone operates on a powerful Quad Core CPU and comes with many useful pre-installed outdoor applications.

Mr. Deyou Dong, President and COO of TechFaith, said in his comments: “We are excited about the A6 launch. This is a technically strong smartphone with the high added value of being ruggedized… By leveraging TechFaith’s history of design expertise, we were able to significantly reduce both the weight and thickness of our base model ruggedized offering, while maintaining the quality and durability the phones are known for. The result is what we hope will become a ruggedized phone for the mass market, as the sleeker form factor will make it an ideal option for consumers.”