NEW YORK, Aug. 02, 2016 (GLOBE NEWSWIRE) -- PHI Group (www.phiglobal.com); (OTC Markets:PHIL), a U.S. public company currently engaged in conventional energy, renewables, natural resources and special situations, announced today that the shareholders of the previously announced undisclosed South African target company (“TARGET”) that represent 68% of the total issued share capital have approved PHI Group’s tender offer to acquire the TARGET for cash.
The TARGET has been in business over several decades and is a leading company in the natural resource and construction material space in South Africa with average annual revenues of approximately $70 million during the last two years.
PHI has engaged Milost Advisors South Africa to carry out the Due Diligence Review, a process that will start on August 2. Due diligence is expected to be completed before August 27 at which time PHI will be able to disclose further information about the TARGET.
The transaction is scheduled to close in September 2016.
Henry Fahman, Chairman and CEO of PHI Group, said, “We are excited to have received the consent of the TARGET’s majority shareholders, the approval of its board of directors and the support of senior management to proceed with this transaction. The closing of this transaction will enable us to uplist PHI Group’s stock onto a senior exchange and create significant value for our shareholders and all other stakeholders.”
About PHI Group, Inc.
PHI Group, Inc., a U.S. publicly traded company established in 1982, is in the process of acquiring controlling interests in a number of targets in the areas of conventional energy, renewables, natural resources and special situations with intention to build a critical mass and uplist to the Nasdaq Stock Market as soon as practical.
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.
Contact: Henry Fahman +1-702-475-5430 Email: firstname.lastname@example.org
Source: PHI Group, Inc.