US Based PHI Group Buys Majority Stake in Southeast Asian LPG Firm

PHI Group, a US public company focused on conventional energy and renewables, has signed a sale-purchase agreement to acquire stake in a LPG distribution and service company in Southeast Asia for cash.

PHI Group on Wednesday said it will pick up 50.90 percent equity in the company whose identity was not disclosed.

Henry Fahman, CEO of Phi Group, said, “This target company has been in operation for more than 10 years and is expected to add to PHI Group’s overall consolidated revenues and bottom lines when it becomes a part of the company.”

The transaction is scheduled to close by the end of December 2016 and no later than March 31, 2017, subject to additional due diligence of the target, compliance with US GAAP accounting, and establishment and capitalization of a non-US special purpose acquisition subsidiary.

Meanwhile, Pacific Petro JSC and PHI Group have agreed in principle to extend the closing of the previously announced acquisition of Pacific Petro until August 31, 2016, subject to certain terms and conditions. Earlier this year PHI Group had engaged Grant Thornton Vietnam Ltd., to conduct an independent business valuation to determine the fair market value of Pacific Petro, a company that operates in the fields of LPG, solid fuel, liquid, gas and related petroleum products in Southern Vietnam.