New York, June 12, 2020 (GLOBE NEWSWIRE) -- PHI Luxembourg Development S.A., a Luxembourg-based subsidiary of PHI Group, Inc., (www.phiglobal.com, OTC Markets: PHIL), announced today that it has successfully activated the first-ever Luxembourg bank fund for the Vietnamese economy, PHILUX Global Funds (www.philux.eu), a Reserved Alternative Investment Fund (RAIF).
PHILUX Global Funds plans to create a number of subfund compartments over a period of time for investments in real estate, renewable energy, agriculture, healthcare and education in Vietnam. Initially, the fund intends to focus on the development of the Free-Trade Zone in the Chu Lai Open Economic Zone in Quang Nam Province, which will house the Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE), the first-ever rough diamond exchange to be established in the Asian Hemisphere comparable to the Antwerp (Belgium) and Dubai (UAE) exchanges.
The Company would like to take this opportunity to thank Dr. Ben C. Smet - our fund structuring agent and global program manager, Messrs. Pierre Delandmeter and Yannick Deschamps of DLP Law Firm – our Fund attorneys, VCI Legal – our Vietnamese Attorneys, Hauck & Aufhauser – our custodian bank and alternative Investment Fund Manager (AIFM), Atoz Tax Advisers Luxembourg – our Luxembourg tax adviser, Ernest Young Luxembourg and Ernest Young Vietnam – our auditors, Cushman Wakefield Vietnam – our Vietnam independent valuator, PHILUX Capital Advisors, Inc. – our investment adviser and particularly The Luxembourg Financial Sector Supervisory Commission (CSSF), as well as our other committed friends and colleagues for their dedication, diligence, patience and support in the successful establishment and activation of our PHILUX Global Funds.
Henry Fahman, Chairman of PHILUX Global Funds, stated: “We are very pleased to have reached this significant milestone in activating the first-ever Vietnam-related Luxembourg bank fund. Not only will Vietnam stand to benefit tremendously following the secular trend after the global coronavirus disruptions, but this will also provide excellent investment opportunities in our fund compartments as we undertake major initiatives that should bring rewards for our investors.”
Ben Smet, the fund structuring agent, commented: “With great pride, I can announce the finalization and activation of PHILUX Global Funds. I thank Henry Fahman for his trust and confidence in me and my legal and negotiation teams. I look forward to continuing to cooperate successfully and in friendship with the authorities and government bodies in the Chu Lai Open Economic Zone, the Chairman of Quang Nam Province and his staff, as well as the Central Government in Hanoi to contribute to the well being of Vietnam. Vietnam is the gem of professionalism and beauty amongst all states and governments I have ever assisted.”
About PHI Group, Inc.
PHI Group (www.phiglobal.com), (www.phiglobal.com, OTC Markets: PHIL), 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, PHILUX Capital Advisors, Inc. (www.philuxcap.com) provides M&A consulting services and assists companies to go public and access international capital markets and will serve as the investment adviser to PHILUX Global Funds.
About PHILUX Global Funds
PHILUX Global Funds is a Reserved Alternative Invest Fund (RAIF), a Luxembourg bank fund to hold several compartments over time for investment in real estate, renewable energy, agriculture, multiple commodities, etc. (www.philux.eu). PHILUX Global Funds also intends to focus on the development of a Free-Trade Zone in the Chu Lai Open Economic Zone in Quang Nam Province, Vietnam which will house the Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE), the first-ever rough diamond exchange to be established in the Asian Hemisphere.
Safe Harbor Act and Forward-looking Statements
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