PHI Group, Inc. Acquires Majority Interest in Tin Thanh Group
New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (n/k/a Philux Global Group Inc., , ), a diversified holding company currently sponsoring PHILUX Global Funds (a group of Luxembourg bank funds), developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in special situations (), is pleased to announce that the Company has signed an agreement to acquire 51% of Tin Thanh Group (TTG) () for cash.
According to the agreement, PHI Group will purchase 22,032,000 shares of Ordinary Stock from the majority shareholder of Tin Thanh Group, which is equivalent to 51% all TTG’s issued and outstanding ordinary stock, for a total sixty million U.S. dollars. The closing of this transaction is scheduled to occur by October 04, 2022, unless extended by both parties. PHI Group will choose one of its subsidiaries to be the holder of the 51% equity ownership in TTG and intends to take this subsidiary public in the United States.
Besides pending long-term loan financing programs, Philux Global Group Inc. has also secured a $US 3 billion equity investment commitment from a Gulf Cooperation Council group and intends to use this source of capital to pay for the acquisition of the TTG majority stake.
Both companies will jointly cooperate in the following programs:
- Global business development for leasing of smart truck tires under the DRC-TTG brand by Tin Thanh Group by using digital technology.
- Development of hi-tech agro-industrial projects for closed circular energy from sorghum crops (energy – agriculture – environment).
- Development of renewable energy projects from domestic and industrial wastes (from both currently generated wastes and previous landfills that have been buried underground for many years) by using Tin Thanh Group’s exclusive proprietary technology.
- Development of global renewable energy projects from discarded tires using Tin Thanh Group’s exclusive proprietary technology.
- Construction of low-income housing using areas of previous waste landfills that are cleared by Tin Thanh Group’s exclusive proprietary technology.
This acquisition of TTG is also expected to provide tremendous benefits to our carbon emission mitigation program.
Mr. Tran Dinh Quyen, Chairman and Chief Executive Officer of Tin Thanh Group, stated: “We look forward to becoming a part of Philux Global Group Inc. and accessing international capital sources to execute our business plan and create very significant value for both companies, our shareholders and the global community.”
Mr. Henry Fahman, Chairman and Chief Executive Officer of PHI Group, Inc., concurred: “We are truly blessed to partner with Tin Thanh Group and capitalize on its expertise, experience and vision to accelerate a number of unique projects which we believe will greatly benefit shareholders of both companies and all stakeholders.”
About Tin Thanh Group
Tin Thanh Group is a pioneer conglomerate with decades of experience in providing renewable energy and reducing global emissions covering the following fields: Environment, Energy, and Closed Circular Agro-Industrial Energy. It is supplying energy from renewable fuels to more than 40 industrial plants in Vietnam and around the world. The company specializes in sustainable development of closed circular agro-industrial energy by growing sorghum crops in order to create a clean energy source and reduce global emissions. It also transforms old waste dumps into new environmentally friendly urban residential areas. Tin Thanh Group currently holds 10 patents and 10 new valuable industrial solutions yet to be registered for patents.
About PHI Group
PHI Group (n/k/a Philux Global Group Inc., , ) primarily focuses on PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.
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