PHI GROUP INC (N/KA PHILUX GLOBAL GROUP) UPDATES ON ASIA DIAMOND EXCHANGE PROJECT IN VIETNAM
New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- PHI Group, Inc. (n/k/a Philux Global Group Inc.,www.philuxglobal.com, PHIL), a diversified holding company currently sponsoring PHILUX Global Funds, developing the Asia Diamond Exchange project (“ADE”), engaging in mergers and acquisitions and investing in select opportunities that may have potential for high growth, is pleased to update our shareholders and investors regarding the progress of the Asia Diamond Exchange project in Vietnam.
In spite of the resultant ramifications caused by the Covid-19 pandemic that have affected our Asia Diamond Exchange development program, we have been able to accomplish remarkable milestones with respect to forging unprecedented relationships with and getting support from major global diamonteers, international diamond exchanges, rough diamond supplying countries and companies, worldwide investors, the Vietnamese central and provincial governments and the Kimberly Certification Process authority which make it possible for us to move forward with the plans to establish the Asia Diamond Exchange in Vietnam to serve the rough, polished and laboratory-grown diamond markets. The Company plans to hold a press conference in Vietnam as soon as practical to officially announce the participation of international partners in this program.
We have been working with the provincial leaders of Quang Nam Province and Chu Lai Open Economic Zone Authority in Central Vietnam and Dong Nai Province in Southern Vietnam to prepare and complete the required documents for the licensing process in order to construct the Asia Diamond Exchange buildings and other supporting facilities. We are also pleased and encouraged to see the recent progress at the Long Thanh International Airport project and the visit of His Excellency Prime Minister Pham Minh Chinh at the site on January 29, 2023. According to the plan, phase 1 of the project will build a runway (No. 1) 4,000m long, 75m wide and a system of taxiways and aprons to ensure the operation of aircraft, meeting the capacity of 25 million passengers/year and 1.2 million tons of cargo per year. The total investment of phase 1 is over 109,111 billion VND (approximately USD 4.5 Billion), expected to be completed and put into operation in 2025.
We have submitted an application for investment registration to build the rough diamond portion of the Asia Diamond Exchange (“ADE”) in Bau Can – Tan Hiep Industrial Park, Long Thanh District, Dong Nai Province, Vietnam and have received very supportive response from the People's Committee of Dong Nai Province - Industrial Parks Management Board, No. 513/KCNDN-ĐT, with guidance regarding the development and investment of this project. We plan to develop a total area of 1,000 hectares adjacent to the Long Thanh International Airport for the Asia Diamond Exchange (“ADE”) project and the industrial park and logistics center with an investment amount of approximately USD 5 billion in the first phase. We have the commitments of a number of major international investors that have agreed to provide capital for this and other projects we are currently undertaking.
On other notes, the Company is currently in the process of closing an investment package of USD 250 million and have received consent from Tin Thanh Group (TTG) to extend the closing the acquisition of TTG until this investment package is consummated. The Company expects to file the 10-Q report for the quarter ended September 30, 2022 in the coming days to become current with the US Securities and Exchange Commission as a fully-reporting company and also file the 10-Q for the quarter ended December 31, 2022 quickly thereafter.
About PHILUX Global Group
PHI Group (n/k/a Philux Global Group Inc., www.philuxglobal.com, (PHIL) primarily focuses on PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (www.philuxfunds.com), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in selective industries and special situations that may substantially enhance shareholder value.
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.
Philux Global Group Inc.
View source version on GlobeNewswire.com