Terminates MOU with MHD Hanoi Investment JSC
New York, NY, Sept. 28, 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 natural resources, energy, agriculture and special situations, today announced that the Company has terminated the Memorandum of Understanding with MHD Hanoi Investment JSC and signed a Memorandum of Understanding for Comprehensive Cooperation to partner with Saigon Pho Palace JSC (“SGP Palace”) for real estate development and other business activities in Vietnam.
According to the memdorandum, PHI Group will continue to negotiate with SGP Palace and sign definitive agreements to cooperate in the following areas:
1. PHI will assist SGP Palace to go public in the U.S. and/or international stock markets.
2. 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, Quang Nam Province, Vietnam.
3. PHI and SGP Palace will jointly develop and implement various selective real estate projects in Vietnam.
4. 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.
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 other locations in Vietnam.
PHI Group was instrumental in taking the first Vietnamese company public on the U.S. Stock Market in the past (i.e. Cavico Corporation, which used to be 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.
Quy Minh Le, Chairman and General Director of SGP Palace, stated: “ We are very pleased to partner with PHI Group to assist our company to go public in the U.S., which we believe will greatly enhance shareholder value, liquidity and access to international capital markets to further our growth and expansion. 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 ”
Henry Fahman, Chairman and CEO of PHI Group, said, “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.”
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)
Safe Harbor
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