New York, Sept. 06, 2022 (GLOBE NEWSWIRE) — PHI Group, Inc. (n/k/a Philux Global Group Inc., www.phiglobal.com, PHIL ), a diversified holding company currently sponsoring PHILUX Global Funds, developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in special situations, is pleased to announce that its partner Tin Thanh Group (( https://tinthanhgroup.vn/en/ ) and the Company have signed an agreement to strategically cooperate with PetroVietnam Marine Shipyard JSC ( https://www.pvshipyard.com.vn/ ) in order to increase marine and general building activities.
According to the agreement, PetroVietnam Marine Shipyard (“PVMS”) will increase charter capital to allow Tin Thanh Group and Philux Global Group to become its strategic and majority shareholders. The companies will deploy their collective resources to expand PVMS’s scope of business and undertake major offshore and onshore, domestic and international projects that may be substantially beneficial for all parties, including but not limited to ship-building, yacht-building, drilling rigs, refineries and petrochemical plants, power plants, wind farms, ship dismantlement, Tin Thanh Group’s waste-to-energy plants and multiple processing facilities as well as Philux Global Group’s Asia Diamond Exchange project, industrial logistic zone and multi-commodities center in Vietnam.
Founded in 2007 by PetroVietnam Technical Services Corporation (PTSC), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Machinery Installation Corporation (LILAMA) and Shipbuilding Industry Corporation (SBIC), and Vietsovpetro Joint Venture, PVMS is a reliable services provider for Oil & Gas Industry and Energy Sector in Vietnam and the region.
The company has been providing (EPC) Engineering, Procurement, Fabrication, Construction and Commissioning for drilling units, floating facilities, modules and steel structures as well as up-grading, repair and maintenance services for MODU. Its onshore projects include steel fabrication, erection and commissioning for power plants, petrochemical plants, fertilizers plants, gas terminals and particularly onshore E-House, process module design, estimation & construction.
After more than 11 years of operation and development, PVMS owns a shipyard in Vung Tau, Viet Nam, with stage-of-art facilities for newly built of offshore oil and gas structures (jack up rig, topside, jacket, living quarter, etc.), including: 336m of wharf, 46.000 m2 of well-equipped fabrication yard and warehouse, transporting and lifting equipment, with total capacity up to 40,000 – 50,000 tons of structures per year.
The company possesses a team of talented design engineers, technical workers, managers, experts, professional staff and workers with high qualification, along with specialized design software.
Over the years PVMS has successfully executed EPC projects such as Tam Dao 03 jack-up rig, Tam Dao 05 jack-up rig, Nghi Son tug boats project; aquaculture feed barges; Daman jacket project; rigs repairs & upgrade such as West Telesto jack-up, H1012 liftboat, Parameswara jack-up, Java Star 2 jack-up, Trident 16 jack-up, PVD III jack-up, Mumanskaya jack-up, Cuu Long jack-up, Naga III & VI jack-ups, and Hakuryu-5 semi.
PVMS has also carried out several onshore projects such as installation of cool water supply and drainage system for Long Phu thermal power plant and coal conveyor system for Thai Binh thermal power plant.
With its professional technician team, PVMS is able to undertake detailed, sophisticated engineering work for offshore oil and gas projects, both domestic and international, related to building and repairing all kinds of drilling rigs, floating vessels, oil and gas projects and offshore and onshore industrial projects.
Mr. Nguyen Quang Hieu, President of PetroVietnam Marine Shipyard JSC, stated: “We look forward to cooperating with Tin Thanh Group and Philux Global Group to take our company to the next level and carry out our vision to become a major international player in our chosen scope of business.”
Mr. Tran Dinh Quyen, Chairman and Chief Executive Officer of Tin Thanh Group, affirmed: “We expect to bring meaningful resources and fresh, breakthrough ideas to couple with PVMS’s experience, expertise and talented leadership and management to make big differences that could transform PVMS and potentially generate billions of dollars in revenues in the coming years.”
Mr. Henry Fahman, Chairman and Chief Executive Officer of PHI Group, Inc., concurred: “We are delighted to partner with PVMS and Tin Thanh Group through this strategic alliance and strongly believe that by combining our strengths we will be able to generate tremendous benefits for shareholders of our companies, the global community and all stakeholders in the near future.”
About PetroVietnam Marine Shipyard JSC
Established in 2007 with the main shareholders from PetroVietnam Technical Services Corporation (PTSC), Vietnam Investment and Development Bank (BIDV), Vietnam Machine Fitting Corporation (Lilama), Shipping Industry Corporation (SBIC) and Vietsovpetro Joint Venture, PetroVietnam Marine Shipyard JSC is a provider of new construction and repair services for oil and gas rigs and services industry and renewable energy for Vietnamese and international clients ( https://www.pvshipyard.com.vn/ ).
About Tin Thanh Group
Tin Thanh Group is a pioneer conglomerate with decades of experience in providing renewable energy and reducing global emissions covering the following fields: Environment, Energy, and Closed Circular Agro-Industrial Energy. It is supplying energy from renewable fuels to more than 40 industrial plants in Vietnam and around the world. The company specializes in sustainable development of closed circular agro-industrial energy by growing sorghum crops in order to create a clean energy source and reduce global emissions. It also transforms old waste dumps into new environmentally friendly urban residential areas. Tin Thanh Group currently holds 10 patents and 10 new valuable industrial solutions yet to be registered for patents. https://drive.google.com/file/d/1ipLNCaKkqxxK3m5xhUEjKI2iBpA6nC4o/view
About PHI Group
PHI Group (n/k/a Philux Global Group Inc., www.phiglobal.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 select 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., (f/k/a PHI Group, Inc.)
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