New York, NY, Sept. 13, 2018 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced that the Company has engaged Grant Thornton Vietnam Ltd. to conduct an independent valuation to determine the fair-market value of Vinafilms Joint Stock Company (www.vinafilms.com.vn), a Vietnamese plastic manufacturing company of which PHI Group has signed an agreement to acquire a majority interest.
Vinafilms, a profitable privately-owned Vietnamese company that has been in business for more than thirteen years, has recently installed a German state-of-the-art processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to engage in a joint venture with a plastic bag manufacturing company to bring combined revenues to over $150 million per year by the end of 2019. PHI Group’s management believes the acquisition of Vinafilms should enable PHIL to qualify for an uplist to the Nasdaq Stock Market in the very near future.
PHI Group will use its wholly owned subsidiary “American Pacific Plastics, Inc.” as the special purpose vehicle to hold the majority interest in Vinafilms and plans to file a registration statement with the Securities and Exchange Commission for it to become a separate publicly traded entity, which should help facilitate financing Vinafilms’ growth and accelerate its rollup strategy.
Grant Thornton is ranked as one of the top six firms in all major markets and has member firms with 40,000 people in over 130 countries worldwide, which audit more than 2,500 listed companies and work with some of the world’s largest organizations. Grant Thornton (Vietnam) Ltd. has been operating since 1993, when it was the second international accounting firm to receive a license in Vietnam, and it is the only foreign firm with a business valuation license issued by the Vietnamese Ministry of Finance. Website: www.grantthornton.com.vn.
Henry Fahman, Chairman and CEO of PHI Group, stated: “We are pleased to engage the service of Grant Thornton Vietnam to assist us in determining a fair value for our transaction with Vinafilms. We also eagerly look forward to working with Vinafilms’ talented and professional management and capitalizing on our combined strengths to create substantial value for shareholders of both companies following the closing of this acquisition.”
About PHI Group, Inc.
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.com).
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