Phoenician Corporation IV Limited – Half-Yearly Report
PHOENICIAN CORPORATION IV LIMITED (the "Company")
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 APRIL 2010
Since admission to PLUS in March 2009, the Company has continued to search for appropriate acquisition(s) of either the whole or part of suitable Shariacompliant businesses (the "targets" or singularly, the "target"). The Directors believe that Sharia compliant businesses offer material opportunities for growth. The Company will not limit itself to the acquisition of Sharia compliant businesses where alternative positive opportunities present themselves, but will endeavour to seek out Sharia compliant businesses as its main focus.
The Company, where and when appropriate and permitted, will seek board representation on each target in which the Company is an investor. As such, the Company will be a pro-active investor and will seek, to the extent permitted by all applicable laws, to control and operate a target. Acquisition of targets is not intended to be financed solely through the proceeds gained from investors' subscriptions, but may, if appropriate, be financed through a further issuance of Class A Shares or through the issuance of Class B Shares.
It is still the intention of the Company to effect an acquisition or sign a letter of intent, agreement in principle or definitive agreement for an acquisition. The Directors have identified a number of potential targets and due diligence is currently being undertaken, although no potential targets have yet been brought to shareholders' attention.
However, the Company has been active and has taken strategic positions in companies which the Board considers to be of benefit to the Shareholders. For example, the Company has obtained a stake in King Tech International Limited by means of a transfer of shares in April 2009. In addition, the Company has been granted options which are exercisable up to January 2012 which will further enhance the Company's portfolio. This holding represents an exciting opportunity for the Company. Essentially King Tech International Limited is an environmental technology company and its core business is the production and supply of asphalt rubber for paving roadways in China. King Tech International Limited aims to become a major force in advanced technology road paving in China where an estimated 40,000 kilometres are needed annually.
Further information regarding King Tech International Limited can be found on PLUS website.
The Company has also entered into an arrangement with Amara Holdings Inc whereby the Company has forwarded a returnable deposit to Amara Holdings Inc, for the sum of $1,050,000, which, at the option of the Company, can be used as consideration for the future allotment of shares prior to the end of December 2010.
Amara Holdings Inc is a Sharia compliant private investment company that offers investors the opportunity to invest in Sharia compliant businesses by searching for appropriate acquisitions, predominantly in China, as well as MENA and India. Amara Holdings Inc already has in place key strategic partnerships, including with Pan-China Construction Group, formerly a part of the Ministry of Construction and has strong ties to the Chinese government, to co-invest in Sino-foreign joint ventures. The first of the joint ventures, China Infrastructure Corporation Limited, is 51% owned by Amara Holdings Inc. This relates to the development of a logistics park, called Ningxia International Logistic Centre, in Ningxia province of China.
As of April 30, 2010 there have been no significant changes in the operations of the company and we are diligently pursuing additional investment opportunities.
Jason R. Futko
Chairman
30 April 2010
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