NEW YORK and SINGAPORE, May 12, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (Pink Sheets:PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has formed strategic alliances with Vietnam-based KHM Joint Stock Company and Singapore-based Primearth Resources Asia Pte Ltd. to supply sand and granite from the Central Vietnam to Singapore and Asian markets.
According to the agreement with KHM JSC, PHI Group, Inc. has the first right of refusal to supply up over 100 million cubic meters of sand and 40 million cubic meters of granite by KHM JSC to Singapore and Asian markets over a period of five years. PHI Group has also partnered with Primearth Resources Asia to particularly cater to the Singapore market.
Historically, Singapore's land area has increased from 581.5 square kilometers (224.5 square miles) in the 1960s to more than 700 square kilometers today. The government also plans to grow the country by another 100 square kilometers by 2030. Almost all of this land reclamation has been undertaken using sand imported from nearby countries.
Tenders have been put out for over 21 million tonnes of sand, but this is only a drop in the ocean when taking into account the overall land-reclamation projects planned up until 2030. The upcoming Tuas Finger 1 project alone is expected to require one billion tonnes of the product.
Henry Fahman, Chairman and CEO of PHI Group, Inc., stated: "We are delighted to cooperate with our esteemed partners in Vietnam and Singapore to provide sand and granite to the Singapore and Asian markets and are confident that our strategic alliances will greatly benefit shareholders of all our companies in the near future."
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About PHI Group, Inc.
Targeting both conventional energy and renewables, PHI Group, Inc. invests in energy-related assets and natural resources, cooperates with international partners to develop independent power plant projects, and provides renewable energy solutions in conjunction with select industry partners. In addition, the company is engaged in trading activity involving coal, oil, precious metals, sand, granite and other industrial commodities. The Company also provides M&A advisory and consulting services through its wholly-owned subsidiary PHI Capital Holdings, Inc. Website: www.phiglobal.com.