Vietnam-based HHT Global Co. Ltd. Joins PHILUX Global Subfund for Agriculture

* Immediate focus on growing sorghum for Empire Spirits and Five-Grain Treasure Spirits

New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (, ), a diversified holding company currently engaged in PHILUX Global Funds (a group of Luxembourg bank funds), the Asia Diamond Exchange project (“ADE”) in Vietnam, mergers and acquisitions and investing in special situations (), is pleased to announce that today HHT Global Co. Ltd., a Vietnamese limited liability company, has signed an agreement with PHI Group to join the PHILUX Global Subfund for agriculture.

According to the agreement, HHT Global will contribute a mutually agreed amount of capital for the setup and initial operating budget of the subfund and hold 49% ownership of the general partners’ portion of this fund.

The main focus of this fund will be on agriculture in Vietnam. HHT Global and Empire Spirits, Inc., a subsidiary of PHI Group, Inc., will immediately cooperate to grow sorghum for Empire Spirits, Inc. and Five-Grain Treasure Spirits, a baiju distiller company with over one hundred years of tradition in Jilin Province, China.

Baijiu is a white spirit distilled from sorghum. It is similar to vodka but with a fragrant aroma and taste. It is currently the most consumed spirit in the world. Mainly consumed in China, it is gaining popularity in the rest of the world. 

Five-Grain specializes in the production and sales of spirits and the development of proprietary spirit production processes. It also possesses a patented technology to grow red sorghum for baiju manufacturing. The patented grain produces superior yield and quality. Five-Grain is a reputable bulk alcohol supplier to some of the largest spirits companies in the world.

According to Five-Grain/Empire Spirits development plan, these companies will follow a three-prong growth strategy: (1) grow sorghum using its proprietary seed and technology, (2) ferment and process sorghum to produce bulk spirits and supply to other beverage companies and (3) develop its own brand using proprietary manufacturing methods and preferred distribution channels. By reaching these goals, Empire Spirits would be able to generate an average of $3.5 billion in revenues and $1.6 billion in net profit per year from operations during the first two years.

Kweichow Moutai, the largest alcohol company in the world, has crossed the $500 billion dollar valuation mark not too long ago. With a single Baijiu product, it enjoys a trailing twelve months’ Price/Earnings ratio of approximately 50 times. Empire Spirits plans to introduce its own brand to the market in the very near future.

Mrs. Nguyen Thi Hong, Chairperson of HHT Global Co., commented: “ We are very pleased to cooperate with PHI Group to respond to the growing needs of the agriculture industry in Vietnam and especially capture this opportunity to grow and provide sorghum supply to Empire Spirits and Five-Grain.”

Henry Fahman, Chairman and CEO of PHI Group, stated: “We are delighted to collaborate with Mrs. Hong and HHT Global in this program and believe by capitalizing on our combined experience and networks we are well positioned to serve the needs of the agriculture industry in Vietnam as well as create significant benefits for both companies, our shareholders and all other stakeholders involved.”

About PHI Group, Inc.

PHI Group (, ) primarily focuses on advancing 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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