NEW YORK and PHNOM PENH, Cambodia, March 21, 2016 (GLOBE NEWSWIRE) -- PHI Group (OTC Markets:PHIL), a U.S. public company focused on conventional energy and renewables, announced today that it has signed a Memorandum of Understanding to cooperate with Ses Meas Gas Import Export, Construction and Development Co., Ltd., a Cambodian company, to further develop liquefied petroleum gas (LPG) and other energy-related businesses in Cambodia.
As part of the business cooperation program, PHI Group intends to acquire a majority interest in Ses Meas. An expected initial project is to form a joint venture company to build a dry port and logistics facilities to handle LPG and other goods currently imported by Ses Meas and its affiliates. In addition, both companies plan to partner in the areas of waste-to-energy business and potentially establishing an oil refinery in conjunction with a qualified international investor.
Ses Meas and its affiliate company W.B. LPG maintain a large fleet of LPG transport trucks and currently generate approximately $50 million in revenues per year from both retail and distribution. Ses Meas anticipates tremendous growth potential for the liquefied gas business in Cambodia due to the fact that this market is still in early stage and demand in all segments is growing by leaps and bounds.
PHI Group will assist Ses Meas with respect to financial reporting to comply with the U.S. Generally Accepted Accounting Principles (GAAP) in order to be able to consolidate its operating results with PHI Group’s when the contemplated acquisition is consummated. The final price and terms of the acquisition will be determined by both parties following an independent valuation of Ses Meas and its affiliate by a reputable international business valuation firm.
The acquisition of and cooperation with Ses Meas is part of PHI Group’s program to acquire operating LPG and energy-related businesses with positive cash flows in connection with its rollup strategy beginning with the previously announced acquisition of Pacific Petro Trading Corp. http://www.pacificpetro.com.vn/.
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 conventional energy and renewables. The Company is in the process of acquiring a majority interest in Pacific Petro Trading Corp., a Vietnamese LPG company, and spinning off its mining and natural resources businesses into a separate company.
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Source: PHI Group, Inc.