New York, July 21, 2022 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com, PHIL), aka Philux Global 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 (www.co2-1-0.io), is pleased to announce that Vietnam-based AZ Holdings Investment Joint Stock Company has signed an agreement with the Company to participate in a PHILUX Global Subfund focused on real estate and infrastructure development and investment in Vietnam. In addition, AZ Holdings Investment also signed a Business Cooperation Agreement with PHIL to cooperate in the establishment of the buildings, facilities and amenities necessary for the operations of the Asia Diamond Exchange in Vietnam.
According to the agreement for participation in the Philux Global Subfund, AZ Holdings Investment will contribute a mutually agreed amount of capital in exchange for a portion of ownership in this Subfund, which will focus on the development and implementation of select real estate and infrastructure projects in Vietnam and other geographical areas that are compatible with the investment philosophy and strategy of the Subfund.
As for the development and establishment of the Asia Diamond Exchange, which will include lab-grown, rough and polished diamond trading centers as well as ancillary support facilities, both parties will continue to negotiate and finalize definitive contractual details regarding specific responsibilities and benefits of AZ Holdings Investment in this undertaking after further consulting by the Company with our key international partners.
Nguyen Thi Van, General Director of AZ Holdings Investment JSC, commented: “ We are very pleased to cooperate with Philux Global Group both in the participation in the Philux Global Subfund and the establishment of the Asia Diamond Exchange in Vietnam. We believe these are unique and very special programs that can contribute tremendously to the growth of the Vietnamese economy in the coming years and decades.”
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated: “We are delighted to work with AZ Holdings Investment in these programs which are expected to create very significant benefits for both companies, for our shareholders and all other stakeholders in the very near future.”
About AZ Holdings Investment JSC
AZ Holdings Investment JSC is a Vietnamese joint stock company engaged in investing in real estate, infrastructure and special situations. The Company has strong relationships with key international financial partners and co-investors that can support major investment projects on a global basis.
About PHI Group, Inc.
PHI Group (www.phiglobal.com, PHIL), aka Philux Global Group Inc., 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 (www.co2-1-0.io) that may substantially enhance shareholder value.
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PHI Group, Inc.