A cash problem or no say in company matters because of a minor investment, often leads to investors wishing to sell their assets independently of the quality of the investments.
The buying of those investments is done within the category of buy-out. The purchase is always made after a severe due diligence and on the basis of updated valuations.
The valuation (actual value of the bought shares) of the corporation is naturally higher than the price of the investment.
IIC – International Investment & Commerce, Inc., has made a buy-out backed by Capital First Management Bank LDA, Palma de Mallorca.
It concerns debenture bonds of Banco Central de Venezuela of an amount $ 125,000,000. These were bought by IIC and are still in our possession.
In addition to that we bought Petrobras Bonds of an amount of $ 275,000,000.
In April 2008 the state-owned Brazilian corporation Petrobras has discovered a huge deep sea existence of oil. According to statements of Petrobras, approximately 8,000,000,000 barrels of light oil and natural gas could be found there. As a result Brazil could raise its oil reserves at one stroke 40 percent up and would catch up with the Top Ten of all oil exporting countries.