PHI Group Establishes Mother Holding Company for Luxembourg Bank Funds
New York, NY, Jan. 23, 2019 (GLOBE NEWSWIRE) -- PHI Group, Inc. () (OTCQB: PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced that it has successfully established “PHI LUXEMBOURG DEVELOPMENT S.A.” as the mother holding company for PHILUX GLOBAL FUNDS that will initially hold subfund compartments for investment in agriculture, green energy, real estate, and a diamond exchange center in Vietnam.
The Company wishes to thank our structuring agent Mr. Ben Smet and the legal experts at DLP Law Firm Sarl for their help and support in achieving this important milestone and looks forward to the full activation of the subfund compartments in the coming weeks.
The subfund compartments will be organized as “Reserved Alternative Investment Fund” (RAIF) and can be established under the form of investment companies with variable capital (“SICAV”) or a corporate partnership limited by shares (“SCA”). There will be no restriction in terms of eligible assets and RAIF’s are free to introduce any kind of assets and financial instruments in their investment policy. According to the Luxembourg Law of July 12, 2013, RAIF’s must entrust their assets to a Luxembourg custodian bank for safekeeping and must appoint an approved statutory auditor.
The Company has identified a number of ready projects for investment in the areas of agriculture, green energy and real estate in Vietnam and has also engaged qualified local partners to participate in these programs. In addition, the Company has been working closely with our international advisers and partners to prepare for the establishment of the first-ever Asian Diamond Exchange center in Vietnam. We will continue to update our shareholders and the investment community on the progress of these undertakings in the near future.
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated: “We are grateful to our structuring agent and legal experts and are delighted to have successfully established the mother holding company for our Luxembourg bank funds. We believe this is the beginning of a new framework and channels that will enable us to mobilize and align resources for our own investment programs as well as assist our partners and clients in their financing needs for significant projects.”
About PHI Group
PHI Group () primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly owned subsidiary, PHI Capital Holdings, Inc. () provides M&A consulting services and assists companies to go public and access international capital markets. We have also been working diligently to launch PHILUX Global Funds with several subfund compartments for investment in renewable energy, agriculture, real estate and a diamond exchange center in Vietnam together with reputable international advisers and partners.
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