Saturday, May 5, 2018

Chaarat temporarily suspends AIM trading in connection with acquisition proposal

Chaarat Gold Holdings Limited, the BVI-incorporated holding company of the Chaarat Group, which is focused on gold mining and exploration in the Kyrgyz Republic, has temporarily suspended trading of its ordinary shares on AIM from 24 April 2018. This was done in connection with the proposal that Chaarat has made in relation to the potential acquisition of the Kumtor mine from Centerra Gold Inc. 

The proposed acquisition due to its size would be a reverse takeover. For this reason trading in Chaarat’s ordinary shares was suspended in accordance with the AIM Rules, and will remain suspended pending the publication on the required AIM Admission Document. At this stage, there is no certainty that the proposed acquisition will be completed, and Chaarat will provide updates in respect of further developments.

Friday, April 13, 2018

Telecoms group announced the sale of BVI-registered subsidiary

Telecommunications group VEON has agreed to sell its Beeline-branded mobile operating subsidiary in Tajikistan to local investment partners. The group has signed an agreement on the sale of British Virgin Islands-registered Vimpelcom AG, which owns 98 percent of Tajikistan’s mobile operating subsidiary Tacom to ZET Mobile Limited. Currently this company holds 2 percent stake in the mobile operator. The completion of the deal is dependent on regulatory approval.

Previously it was confirmed that Beeline will be retained locally despite any change of ownership. Currently the brand is in fourth place in the Tajikistan’s cellular market.

VEON group, which is headquartered in Netherlands, has been planning an exit from Tajikistan’s mobile sector for more than a year, over concerns at the country’s taxation system.

Saturday, February 24, 2018

Aura Minerals and Rio Novo received shareholders approval of the merger

Aura Minerals inc., the mining company which redomiciled from Canada to the British Virgin Islands, and Rio Novo Gold Inc. announced that the merger of Aura and Rio Novo, proposed in the end of 2017 to create strong portfolio of long term mining properties, was approved by the respective shareholders of each company at their Special Meetings of shareholders. The joint management proxy circular of the companies was issued on January 23, 2018.

The closing of the merger transaction, as a result of which the combined entity will operate under the Aura name, is subject to certain customary conditions, including reception of all necessary regulatory approvals. The effective date of the merger is expected to be on or after March 2, 2018.

Friday, February 9, 2018

MIE Maples Investments announced selling shares of Journey Energy Inc.

MIE Maple Investments Limited, BVI-registered subsidiary of MIE Holdings Corporation, announced that it has sold an aggregate of 12,700,000 common shares in the capital of Journey Energy Inc. to Journey for cancellation, for an aggregate consideration of $21,336,000 (approximately $1.68 per share).

The shares disposed of represent 24.8 per cent of the issued and outstanding shares of Journey Energy. Before selling the shares, the BVI company beneficially owned and controlled 16,355,798 shares, representing 31.9 per cent of the issued and outstanding shares. After closing the disposition, MIE beneficially owns and controls 3,655,798 shares representing 9.5 per cent of the issued and outstanding shares. The company disposed of shares for investment purposes.

Saturday, February 3, 2018

Brookmount Exploration completed share exchange agreement with BVI company

Brookmount Explorations Inc., the United States exploration and development company, has announced the execution of a share exchange agreement with the shareholders of SL Group Holdings Limited, incorporated in the British Virgin Islands.

Under the terms of the agreement, Brookmount Explorations has acquired all the issued and outstanding shares of the BVI company. Upon completion of the transaction, shareholders of SL Group Holdings Limited will get voting control of Brookmount Explorations, Inc. and SL Group Holdings will become a wholly owned subsidiary of the US company.

For Brookmount Exploration, the transaction will mean acquisition of 90% interest in a fully operational and producing gold mining business based in Indonesia; the remaining 10% interest will be held by the Indonesian operating partner.

Monday, January 15, 2018

HK listed company’s shareholder sold $103 million stake to BVI company

Coolpad Group, Hong Kong-listed Chinese smartphone maker which is part of LeEco technology conglomerate, announced that its top shareholder Leview Mobile HK Limited sold HK$807.7 million ($103 million) shares to the British Virgin Islands company Power Sun Ventures Limited, which became the single largest shareholder after this transaction. There are no details provided about Power Sun.

After Leview Mobile has sold 897.4 million shares to the BVI company, or 17.83% of Coolpad, at HK$0.9 a piece, its stake reduced from 28.78% to 10.95%. Data Dreamland Holding Ltd remained as the third-largest shareholder with 9.2% of Coolpad.

Thursday, January 4, 2018

BVI subsidiary of Chinese company to acquire interest in Yao Wan Vanadium Project

Sparton Resources Inc. announced that it has approved Memorandum of Understanding which has been entered into by VStar Industries Inc. and Warwick Mining Development Company Ltd. (WMD), for the advanced evaluation and possible acquisition of 70% interest in the Yao Wan Polymetallic Exploration License in Shaanxi Province of China. VStar Industries was recently incorporated in the British Virgin Islands and is 90% owned subsidiary of Sparton Resources, while WMD is a local Chinese private company.

The YW License has been extensively explored by WMD in the period between 2006 and 2015. Under the terms of the MOU, the BVI company will take responsibility for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study. Further development of a mining project would be paid for jointly as to 70% V Star and 30% WMD.

Tuesday, December 19, 2017

Aura Minerals announced entering into merger agreement

BVI-registered Aura Minerals Inc. entered into an agreement with Rio Novo Gold Inc. to combine and create strong portfolio of long term mining properties. The combination will be effected by the plan of merger pursuant to which Aura will acquire all the shares of Rio Novo and Rio Novo shareholders will receive 0.053 of an Aura common share for each Rio Novo share.

The new combined entity will operate under the Aura name and will remain listed on the Toronto Stock Exchange. The combination is subject to the approval of a majority of the votes cast at special meetings of Aura and Rio Novo shareholders to be held on or about February 2018, as well as minority shareholder approval.

Northwestern Enterprises, which is holding approximately 52% of Aura's common shares and 65% of Rio Novo's common shares, entered into a customary voting and support agreement pursuant to which, among other things, it has agreed to vote its Aura common shares and Rio Novo common shares in favour of the transaction. Following closing the transaction, it is expected that the combined company will have approximately 43,039,156 shares issued and outstanding and Northwestern will hold an approximate 55.3% interest in the combined company.

Monday, December 4, 2017

Aura Minerals agreed to sell Serrote Project

Aura Minerals Inc., the mining company incorporated in the British Virgin Islands, agreed to sell Mineração Vale Verde Ltda, which is the owner of the Serrote da Laje Copper Gold project. Under the terms of the purchase and sale agreement, BVI company’s wholly owned subsidiary will sell 100% of its interest in Mineração to the purchaser group for an aggregate consideration of US$40mln, which comprises cash payment of US$30mln payable on closing, as well the delivery by the purchasers of a subordinated unsecured note in the principal amount of US$10mln. The transaction is planned to be closed before the end of February 2018, subject to customary closing conditions.

Rodrigo Barbosa, President and CEO of Aura Minerals, commented on the agreement: “Serrote is a first-class project and the decision to sell our interests followed careful consideration of our options. The consideration received from the sale unlocks significant value to our shareholders and accelerates our strategy to further develop our existing assets and pursue new growth opportunities.”

Saturday, October 28, 2017

Mkango Resources announced £500,000 placing with the BVI company

Mkango Resources Ltd., an exploration company working in the Republic of Malawi, has received conditional regulatory approval for the previously announced placing, according to which BVI-registered Talaxis Ltd, a wholly owned subsidiary of Noble Group, invested £500,000 at 3.5 pence per equity unit to acquire 14.5 per cent interest in Mkango.

The investment by the BVI company has been completed by placing 14,285,715 equity units of Mkango. The new shares are applied to be admitted to AIM. Following the placing, Talaxis will hold an interest of 14.5% in Mkango Resources. In connection with the placing, Talaxis has been issued 14,285,715 common shares of Mkango and Share purchase warrants to acquire up to 12 million Shares of Mkango. Each warrant is exercisable at a price of 6.6 pence until December 31, 2020.

Also, the 12 million Share purchase warrants previously issued to Noble Resources International Pte Ltd, a wholly owned subsidiary of Noble, will be cancelled. The BVI subsidiary will not exercise that proportion of its Talaxis Warrants which would result in it holding 20% or more of the outstanding Shares.

Following AIM admission, Mkango Resources will have 98,198,187 common shares in issue.

Monday, October 9, 2017

Luxoft Holding acquired Swiss company focused on Avaloq implementations

Luxoft Holding, Inc. announced that it has acquired UNAFORTIS, a Swiss company specializing in business consulting, Avaloq implementation and other IT services, including testing. Avaloq is a provider of fully integrated banking software, and UNAFORTIS is one of leading partners implementing Avaloq-related services.

The acquisition will add to BVI company’s expertise in standardized software, and will enable Excelian, Luxoft Financial Services to target growing global client base in banking sector. It will also allow the company to better differentiate and compete for complex end-to-end transformational engagements.

Luxoft Holding also plans to offer Avaloq-based services beyond mostly Swiss-client base of UNAFORTIS, and to develop more wealth management and private banking clients. The BVI company expects to build a 150 to 200-engineer global practice, taking advantage of the shared markets of Excelian and recently acquired derivIT in the UK, APAC, Germany and North America, as well as core capabilities of Luxoft.

UNAFORTIS partners commented on the acquisition deal: ”We are very pleased with our alliance with Luxoft. We believe that both the company’s culture and domain expertise will make for a successful acquisition… Our company has grown significantly in the last few years and still has a deep pipeline for further growth. We will help Luxoft grow its presence in wealth management and private and retail banking with the support of our highly skilled consultants.”

Wednesday, September 27, 2017

Talon Metals received an option to acquire 100 per cent of Tamarack Project

BVI-based exploration and development company Talon Metals Corp. provided an update on the Tamarack Project Nickel-Copper-PGE Project in the USA. Talon currently owns 18.45 per cent interest in the project, which is the main focus of its activities.

Talon Nickel (USA) LLC , the wholly-owned subsidiary of the BVI corporation, received formal notification from Kennecott Exploration Company that it has elected to grant Talon Nickel the exclusive option to purchase its 81.55% interest in the Tamarack Project, for a total price of US$114,000,000. In case the option will be exercised, Talon will become the owner of 100 per cent of the Project. The terms and conditions for the purchase transaction are set forth under the exploration and option agreement between the parties.

Talon Nickel has to inform Kennecott Exploration Company until November 6, 2017, as to whether it will exercise the purchase option. In case the option will be exercised, Talon Nickel is required to pay KEX a non-refundable deposit of US$14,000,000, and an additional US$100,000,000 within 18 months. If BVI company’s subsidiary chooses not to exercise the Purchase Option, the companies will enter into the Mining Venture Agreement and become joint venture partners.

Thursday, September 7, 2017

Luxoft Financial Services division completed acquisition of derivIT

Luxoft Holding, Inc., a provider of software development services, innovative IT solutions and digital transformation has completed the transaction under the Share Purchase Agreement to acquire derivIT, a Singapore-based financial services technology consulting company. The transaction was closed upon the receipt of the approval by Reserve Bank of India.

The acquisition of derivIT adds several delivery centers in Bangalore, India; Dubai, UAE; and Tianjin, China. The acquisition also is expected to expand Luxoft’s existing capabilities in Singapore.

By words of President and CEO of Luxoft, the completion of the acquisition transaction “reinforces a strong foundation on which the company is building its presence and the delivery platform in the APAC.” He also said: “We are very pleased to welcome derivIT team and start realizing expected significant synergies in servicing current high-potential clients in the Asia Pacific region, anchoring new business opportunities in financial, automotive, telecom and other sectors, as well as taking advantage of the immediate cross-selling opportunities we see at this time.”

Saturday, September 2, 2017

BVI-based subsidiary of Chinese retailer acquires Jiedian Technology Co., Ltd.

Chinese online retailer of beauty products, Jumei International Holding Limited, completed its acquisition of equity interest in Shenzhen Jiedian Technology Co., Ltd. Now equity interest is held by River International Holding Limited, the British Virgin Islands-incorporated company, which is wholly-owned subsidiary of Jumei Inernational Holding Limited.

Jiedian Technology is working in the portable power bank sharing business. It facilitates master power charging boxes in highly frequented points of interest. Also, the company has got an app for users to locate nearby power boxes where they can rent a portable power bank. Jiedian has deployed its power boxes in more than twenty major cities.