- Company signed $1.5 Billion loan financing program with Haj Finance Group
New York, Oct. 29, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), a company currently engaged in PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”), and the establishment of Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce that TPP Holdings Group (aka Hung Hung Thinh Group), a Vietnamese company specializing in real estate investment, development and construction with a long successful corporate history (www.tppholdingsgroup.com), has signed a Memorandum of Understanding (MOU) with the Company to participate in the Luxembourg real estate fund and cooperate in the development and construction of the Multi-Commodities Center and the Asia Diamond Exchange in Vietnam.
According to the MOU, TPP and PHIL will expeditiously sign definitive agreements to consummate these transactions. Both parties expect to execute the definitive agreements as early as next week to expedite the process.
The Asia Diamond Exchange is a modern bourse to be established in affiliation with the World Federation of Diamond Bourses (WFDB) that is fully compliant with the Kimberley attestation process. Located near an international airport in the new Global Multi-Commodities Center (“GMCC”) within a Free-Trade Zone in Vietnam which emulates the Dubai Multi-Commodities Centre (https://www.dmcc.ae/), ADE will become the vibrant first-ever rough diamond exchange to be set up in the Asian Hemisphere and will be comparable to the diamond exchanges in Antwerp (Belgium) (https://www.diamondbourseantwerp.com/) and Dubai (UAE) (https://www.dmcc.ae/gateway-to-trade/commodities/diamonds).
ADE membership serves as a mark of distinction, opening doors and allowing access to those active in the diamond trade. The ADE ensures that its members have the safety of trading only with reputable companies who adhere to its compliance guidelines and are bound by a strict code of good business practices and ethics.
The ADE will have exceptional facilities, providing fully equipped trading halls for its members and a complete service environment for everyone in the diamond pipeline. In addition to providing a full range of services to support members in their daily transactions, the ADE will also house all ancillary service providers related to the diamond industry. Members and their guests will have convenient access to networking and Trade Lounge, boiling and polishing, secure transportation, Kimberley Process Office, insurance and financing partners, gemological services and education, and more.
The ADE’s tender and auction services will play an important role in the Vietnam diamond trade, matching the right goods from seller to buyer. The ADE will have the optimal infrastructure to host diamond tenders, using state of the art facilities, equipment and personnel to ensure secure, transparent tenders for the benefit of the seller and buyer.
On another note, effective October 17, 2021 the Company signed a contract agreement with Haj Finance Group, a corporation registered in Ruwi, Muscat, Sultanate of Oman, for a loan financing program in the amount of $1,500,000,000 with a preferred interest rate for thirty-five years and a three-year grace period. The closing of this transaction is expected to occur shortly after the registration of a Special Purpose Vehicle (SPV) within United Arab Emirates, the signing of the closing documents and the approval of the transfer of funds by the Central Bank of United Arab Emirates (CBUAE). We intend to use the funds to develop and construct the Asia Diamond Exchange and the Multi-Commodities Center in Vietnam, to finance selective projects in the areas of real estate, renewable energy, healthcare, and for investment opportunities in connection with our PHILUX Global Funds and other clients. A current report on Form 8-K was filed with the Securities and Exchange Commission on October 28, 2021: (https://www.sec.gov/Archives/edgar/data/704172/000149315221026574/form8-k.htm).
Henry Fahman, Chairman and CEO of PHI Group, Inc., affirmed and reiterated: “We look forward to cooperating with TPP to expedite the construction of the ADE and the Multi-Commodities Center in Vietnam. Similar to the successes of the Dubai Multi-Commodities Centre and the Dubai Diamond Exchange, we believe this will also bring tremendous benefits to all the stakeholders, including the diamond-producing countries, the people and economy of Vietnam, international diamantaires, companies and businesses that will come to the zone, consumers, and our own shareholders and investors.”
About PHI Group, Inc.
PHI Group (www.phiglobal.com, PHIL) is committed to creating long-term shareholder value by primarily focusing on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (www.philux.eu), and building the Asia Diamond Exchange (“ADE”) in Vietnam. In addition, the Company also engages in mergers and acquisitions, invests in select industries and special situations and adopts blockchain and crypto technologies to provide innovative solutions that may potentially create additional value for our shareholders.
Safe Harbor Act and Forward-looking Statements
This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
PHI Group, Inc.
+1-714-793-2997
info@phiglobal.com
