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PHI Group provides corporate updates

Released at: 13:39, 09/03/2019

PHI Group provides corporate updates

Photo: PHI Group

Diversified US holding company releases updates on range of topics.

by Doanh Doanh

PHI Group, Inc., a diversified US holding company focused on mergers and acquisitions and investments in select industries and special situations, has announced a number of corporate updates.

Firstly, PHI Luxembourg Development S.A., a wholly-owned subsidiary that serves as the parent holding company of PHILUX GLOBAL FUNDS, has signed a memorandum of agreement with the Building and Construction Material One-Member Ltd. Co. No. 27, which is 100 per cent owned by the Ministry of Construction, regarding a public private partnership (PPP) between the latter and the PHILUX Asia Diamond Center Development Fund to organize the Asia Diamond Exchange in the Free-Trade Zone at the Chu Lai Open Economic Zone in central Quang Nam province.

Secondly, the financial audits of Vinafilms have taken longer than anticipated due to additional work associated with a previous merger between the company and another local plastics manufacturing company. PHI Group’s auditor Dylan Floyd Accounting & Consulting has recently engaged ASC Auditing Company Limited to assist in the audit process and expects to finish the audits of Vinafilms’ financial statements in time to allow the PHI Group to consolidate its operating results with those of the group for the quarter ending March 31.

Thirdly, the PHI Group is awaiting the results of an independent valuation of Saigon Pho Palace JSC in order to close the acquisition of a majority interest in the company. PHI Group will be able to consolidate the operating results of Saigon Pho Palace after the GAAP audits of its financial statements are completed.

Fourthly, the company has discussed with the DIO Group JSC about modifying the payment schedule for the Consulting Service Agreement between PHI Capital Holdings, Inc. and DIO Group. PHI Capital Holdings, Inc., a wholly-owned subsidiary of PHI Group, has signed an agreement to take DIO Group public in the US.

Mr. Henry Fahman, Chairman and CEO, will host a conference call for shareholders and investors at 4.30pm EST on Thursday March 14 to discuss the above topics in greater detail as well as the company’s convertible notes, financial and operational plans, and other areas of interest. Also, contrary to certain rumors and speculation, the company has no plan to effectuate a reserve split of its stock.

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