New York, NY, June 04, 2019 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com) (PHIL), a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, today announced that Southeast Asia Capital Group, Inc., (“SEA Capital Group”) a former subsidiary of the Company established in 2004 under the laws of Nevada and engaged in finance, international trade and project investment, has signed a contract with a subsidiary of Phanet Holding Corp., a U.S. company, to provide of copper sheets to Vietnam for the next twelve months (SGS 20,000MT monthly) after the initial trial shipment of 5,000 MT.
According to the contract, the price for each shipment will be based on international market price (LME) at the time of shipment minus a fixed discount percentage agreeable to both parties. Delivery will be CIF, buyer’s terminal port. The source of the copper is from Republic Democratic of Congo and the loading port will be either Dar Es Salaam Port of Tanzania or Durban Port of South African Republic.
PHI Group, Inc. currently holds a minority interest in SEA Capital, which intends to file a registration statement with the Securities and Exchange Commission to become a separate publicly traded company in the near future.
Richard Phan, Chairman of Southeast Asia Capital Group, stated: “ We are very pleased to enter this contract to provide copper sheets to the Vietnamese market and expect to generate a stable stream of income and profits for the Company soon after the first shipment begins.”
About Southeast Asia Capital Group, Inc.
Southeast Asia Capital Group is a Nevada company established in 2004. The Company is engaged in finance, international trade and commercial projects with potential for high returns on investment.
About Phanet Holding Corp.
Phanet Holding Corp. is one of the first Vietnamese global capital investor groups. Phanet Holding Corp, a prestigious funding company in finance and trade which is also investing into several stunning gold mining, tourist resorts in Europe.
About PHI Group, Inc.
PHI Group, Inc. (www.phiglobal.com) 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. (www.phicapitalholdings.com) provides M&A consulting services and assists companies to go public and access international capital markets. The Company has also been working diligently to organize PHILUX Global Funds with several compartments for investment in renewable energy, agriculture, real estate and multiple commodities. In addition, PHI Luxembourg Development SA, a Luxembourg-based wholly owned subsidiary of the Company, has been cooperating with reputable international advisers and partners to organize a rough diamond exchange center in Vietnam.
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.
Richard Phan, Chairman
Southeast Asia Capital Group, Inc.