NEW YORK and HANOI, Vietnam, March 16, 2016 (GLOBE NEWSWIRE) -- PHI Group (OTC Markets:PHIL), www.phiglobal.com, a U.S. public company focused on conventional energy and renewables, today announced that the Company has engaged Grant Thornton Vietnam Ltd., to conduct an independent business valuation to determine the fair market value of Pacific Petro Trading Corp (“Pacific Petro”), http://www.pacificpetro.com.vn/, a company that operates in the fields of liquefied petroleum gas (LGP), solid fuel, liquid, gas and related petroleum products in Southern Vietnam.
The Company has signed an agreement to acquire a 50.90% equity ownership in Pacific Petro and intends to use it as a platform to further acquire and consolidate other LPG and energy-related businesses in Southeast Asia in the near future. Successful completion of the Pacific Petro acquisition will qualify PHIL for listing on Nasdaq.
Pacific Petro owns a gas cylinder-manufacturing factory on a 215,200 square-foot lot in Ben Cat District, Binh Duong Province and a gas filling plant on a 65,600 square-foot lot in District 9, Ho Chi Minh City, Vietnam. It has also acquired a 93,600 square-foot lot in Go Dau Industrial Park, Dong Nai Province to build a proprietary LPG storage area and has been granted 83 acres of land in Phu Huu Village, Nhon Trach District, Dong Nai Province to build an integrated port for imports of energy-related commodities and products.
Grant Thornton is ranked one of the top six firms in nearly all major markets and has member firms with 40,000 people in over 130 countries worldwide, which audit more than 2,500 listed companies and work with some of the world’s largest organizations. Grant Thornton (Vietnam) Ltd. has been operating since 1993, when it was the second international accounting firm to receive a license in Vietnam, and is the only major foreign invested firm with a business valuation license issued by the Vietnamese Ministry of Finance. Website: http://www.grantthornton.com.vn/en.
It will take Grant Thornton approximately six weeks to complete the valuation process and issue the final report, subject to availability of the required input information.
About PHI Group
PHI Group, Inc. (www.phiglobal.com), a U.S. publicly traded company established in 1982, adopts a double-tracked strategy to cater to the needs of both conventional energy and renewables.
Safe Harbor: This news release and the featured interview contain forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Source: PHI Group, Inc.