New York, Sept. 12, 2022 (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 (a group of Luxembourg bank funds), developing the Asia Diamond Exchange project (“ADE”) in Vietnam, engaging in mergers and acquisitions and investing in special situations (www.co2-1-0.io), is pleased to announce that the Company has been approved by the Department of Planning and Investment of Ho Chi Minh City, Vietnam for registration of investment participation in the construction of Ho Chi Minh City – Moc Bai Expressway project.
Ho Chi Minh City – Moc Bai Expressway project will be deployed by Public-Private Partnership (PPP) scheme with Build-Operate-Transfer (BOT) contract, with total length of about 50 km, design speed of 120km/h, and total investment value estimated at approximately US$700 million for the first phase, of which state capital from Ho Chi Minh City’s and Tay Ninh Province’s budgets accounts for about 44% and investors shall be responsible for raising funds for the remaining 56%. Some major scheduled timeframes will be submission for approval of investment policy in 3rd quarter of 2022, appraisal and approval of feasibility study report in 3rd quarter of 2023, investor selection and project contract signing in 2nd quarter of 2024, site clearance from 4th quarter of 2023 to 3rd quarter of 2025, construction and completion from 3rd quarter of 2025 to 2027. Upon completion, this large scale project shall contribute to the reduction of traffic pressure for the existing National Route 22 and promotion of the socio-economic development of Ho Chi Minh City and the Southern Focal Economic Zone as well.
The Company plans to set up and deploy its “Philux Global Infrastructure Fund” compartment under the umbrella of PHILUX Global Funds SCA, SICAV-RAIF, a group of Luxembourg-registered bank funds, to invest in a number of selective infrastructure projects in Vietnam and other ASEAN nations. Being one of the fastest growing economies in Southeast Asia region, Vietnam is currently lagging behind in terms of infrastructure and needing lots of foreign financial investment and technical assistance to narrow such gap. Per Global Infrastructure Outlook, Vietnam may require total investments of US$605 billion to meet 83 per cent of its infrastructure goals by 2040, and urban transportation, road, rail and port infrastructure are amongst the sectors of top investment priorities.
Recently, Vietnam has approved the plan to build Vietnam’s North-South high-speed railway, which reduces the travel time from Hanoi to Ho Chi Minh City to about eight hours, will cost no less than US$25 billion. With 50% of Vietnam’s population expected to be living in cities in the coming years, Hanoi and Ho Chi Minh City are building rapid transit systems with total estimated capital exceeding US$22 billion with the purposes of reducing private vehicle ownership, mitigating carbon footprint and improving air quality. Meanwhile, a number of expressway projects are also planned and underway to improve connectivity within major cities of the country, development and upgrading of urban utilities infrastructure are announced and there are 44 scheduled PPP projects with total investment value worth up to US$120 billion in the road and power sectors.
Henry Fahman, Chairman and CEO of Philux Global Group and concurrently Chairman of Philux Global Funds SCA, SICAV-RAIF, a Luxembourg-registered bank fund, stated: “We are a keen supporter of the infrastructure development program for Vietnam and strongly believe in the long-term benefits this will have for the future economic development and general well-being of her people. We look forward to working closely with international financial networks, including institutional investors, sovereign funds, ultra-high net worth groups, etc., to connect the right kind of capital sources to support this development program.”
About PHI Group
PHI Group, Inc. (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.)