Phoenician Corporation IV Limited Results for the Six Months Ended 30 April 2011
PHOENICIAN CORPORATION IV LIMITED
REPORT OF THE DIRECTORS AND PRELIMINARY FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2011
CHAIRMAN'S STATEMENTFOR THE SIX MONTHS ENDED 30 APRIL 2011
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 Sharia compliant 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.
The King Tech International investment has not performed as well as had been expected by Directors. The Directors still believe that King Tech has great potential in light of the economic growth in China as a private company in Hong Kong. To be conservative, in light of King Tech's delisting on PLUS and the lack of available financial information, the Company has written down this investment. 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.
The Company's 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 has been extended to 1 October 2011 (this is a further extension from the 1 April 2011 deadline). Amara is in discussions regarding several exciting business opportunities and hence the directors feel that an extension of the deposit for a further 6 months gives it time to evaluate these opportunities.
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.
Subsequent to the balance sheet date, one of the Company's investments, Phoenician Corporation V Limited, completed a reverse takeover of Prime Investments International Group Ltd. This reverse takeover was done at 20 pence and the last trade as of the date of this report was 18 pence. The Company is holding this investment at cost for the purposes of this statement, however if we valued it at 18 pence the Company would have a gain of $2,192,938. Prime's main objective is to be active in investing in a mixture of immediate cash generating assets and capital appreciating assets that are Shari'ah compliant. Prime's principal asset is defacto ownership of 67 plots at the Eye of Ajman in the Emirate of Ajman in the UAE. These plots are unencumbered and debt-free. Prime aims to diversify shareholder's investing initiatives and principally seeks projects in real estate, energy and commodities. Further information regarding Phoenician Corporation V Limited can be found on PLUS website.
As of April 30, 2011 there have been no significant changes in the operations of the company and we are diligently pursuing additional investment opportunities.
Jason R. Futko
Chairman
JUL 28 2011
For complete financial statements and press release, please visit.