IB Daiwa

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IB Daiwa Corporation JASDAQ: 3587 established in September 1947. The group listed in over-the-counter market in the Tokyo Securities Dealers’ Association in June 1963. By December 2004, the Company cancelled this registration and listed itself on Jasdaq. The Company’s principal activities have been the manufacture and sale of industrial use machine sewing thread and twisted yarns. It has also been involved in other businesses including investing and trading in real estate and the wholesale trading of food products.

On 24 June 2005, the shareholders of IB Daiwa elected and approved a new board of directors. The new board has begun to restructure the management and operations of IB Daiwa and has signified its intention to supplement the existing business with investments in the natural resources and oil and gas sectors. Same time, the group appointment of the Crosby-nominated directors to the board of directors of IB Daiwa, the Company announced its existing businesses would be supplemented by investments in businesses within the natural resources sector; particularly, investment business in oil and gas exploration, development and production and also in metals and minerals mining.

Shortly after the change in the IB Daiwa board, the board resolved its intention to undertake a general offer for 100% of the issued share capital of Lodore Resources Inc, an upstream oil and gas company that is listed on the Alternative Investment Market of the London Stock Exchange. On 1st September, the company announced it had signed a legally binding memorandum of understanding to acquire Darcy Energy Ltd., a company with ownership in producing oil and gas assets in the US Gulf of Mexico. The board of IB Daiwa is currently reviewing a number of investments in the natural resources sector and is confident that this new business direction will benefit IBDaiwa’s shareholders and all parties associated with the Company.