04:36 (GMT +7) - Monday 22/10/2018

Business

PHI Group signs MoU with Saigon Pho Palace

Released at: 17:08, 02/10/2018

PHI Group signs MoU with Saigon Pho Palace

Photo: Saigon Pho Palace

US and Vietnamese companies to cooperate in real estate development and other business in Vietnam.

by Linh San

The PHI Group, a diversified US holding company focused on mergers and acquisitions and investments in natural resources, energy, agriculture and special situations, has announced it has signed a Memorandum of Understanding for Comprehensive Cooperation with the Saigon Pho Palace JSC over real estate development and other business activities in Vietnam.

The PHI Group will continue to negotiate with SGP Palace and sign definitive agreements to further cooperate as follows: PHI will assist SGP Palace to go public in the US and/or international stock markets; PHI will engage SGP Palace to manage and carry out its construction projects in Vietnam, including but not limited to the contemplated Asia Diamond Exchange in the Free-Trade Section of the Chu Lai Open Economic Zone in central Quang Nam province; PHI and SGP Palace will jointly develop and implement various selective real estate projects in Vietnam; and PHI and SGP Palace will coordinate with international partners to develop and provide innovative construction materials with new technologies to Vietnam and other Southeast Asian markets.

“We are highly impressed with SGPs talented, professional and disciplined leaders and look forward to building a mutually rewarding association that is expected to bring about substantial benefits to both companies,” said Mr. Henry Fahman, Chairman and CEO of the PHI Group.

“We are very pleased to partner with the PHI Group to assist our company to go public in the US, which we believe will greatly enhance shareholder value, liquidity, and access to international capital markets to further our growth and expansion,” said Mr. Quy Minh Le, Chairman and General Director of SGP Palace. “In addition, by joining forces with PHI we will be better positioned to take advantage of our combined strengths and undertake potential significant real estate and other projects in Vietnam.”

SGP Palace has an excellent track record in the field of hospitality and real estate investment and is currently developing a number of prominent projects in Ho Chi Minh City and elsewhere in Vietnam.

The PHI Group was instrumental in taking the first Vietnamese company public on the US stock market: the Cavico Corporation, which was previously listed on the Nasdaq Stock Market and is currently engaged in the areas of agriculture, renewable energy, real estate, consumer goods and mergers and acquisitions in Vietnam.  

PHI also announced it has terminated a memorandum of understanding with the MHD Hanoi Investment JSC it signed in August.

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