NEW YORK and JAKARTA, Indonesia, March 28, 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 an agreement with PT Perkasa Lentera Agung (“PLA”), an Indonesian company that provides collaterals in forms of hard assets and bank instruments for financing of acquisitions and major projects, and with PT Jaya Sakti Globalindo (“JSG”), an Indonesia company with expertise in business consultancy and due diligence.
PLA, which has recently financed a number of projects valued in hundreds of millions of dollars, has agreed to support PHI Group and its subsidiaries by furnishing collateral assets for financing of acquisitions and new projects. JSG will assist PHI Group in conducting due diligence on the proposed transactions.
PHI Group intends to avail itself of PLA’s collateral provisions to complete some current acquisition and project development transactions and take on bigger opportunities otherwise not possible.
Mr. Teguh Riady, President Director of PT Perkasa Lentera Agung, said, “We are pleased to support PHI Group’s acquisition and growth strategy. We are confident our program can help PHI Group achieve some major desirable milestones in the near future.”
Mr. Erwan Sentana, an attorney and President Director of PT Jaya Sakti Globalindo, an Indonesian company engaged in business consultancy that is able to provide significant projects for joint operation or joint venture and due diligence for such projects, said, “We are very happy to assist PHI Group in partnering with PT Perkasa Lentera Agung, a reliable partner which has collaterals to support project financing on very large scales.”
Mr. Henry Fahman, Chairman and CEO of PHI Group, added, “With PLA’s and JSG’s support we expect to finish some of our current transactions more quickly and take on some new ones that can potentially yield very significant economic benefits for our shareholders and all parties involved.”
Henry Fahman will host a conference call at 04:30 P.M. EST on Wednesday March 30, 2016. To participate in the conference call, dial +1-641-715-3274 and enter 767368#.
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 50.90% of Pacific Petro Trading Corp. (http://www.pacificpetro.com.vn/.) and spinning off its non-energy businesses.
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.