PHI Group, Inc. (PHIL)

PHI Group Receives Approval of Tender Offer to Acquire Target Company in South Africa

 

Las Vegas, NV -- (ReleaseWire) -- 07/27/2016 --PHI Group (http://www.phiglobal.com - PHIL), a U.S. public company currently engaged in conventional energy, renewables and natural resources, announced today that the Company has received approval from the board of directors of an undisclosed South African target company ("TARGET") in connection with the Company's tender offer to acquire 100% of TARGET'S issued and outstanding stock 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. The identity of TARGET and other details will be kept confidential until completion of Due Diligence. The transaction is scheduled to close in September 2016, subject to additional due diligence, compliance with the US Securities and Exchange Commission and the Johannesburg Stock Exchange, and establishment of a special purpose entity to be owned, controlled and managed equally by Milost Global Inc. and PHI.

Milost Advisors, PHI's buy-side advisor and subsidiary of Milost Global Inc., has been able to arrange the required capital for the closing of TARGET. Milost Advisors Inc. is also acting as the lead and the only advisor with regards to this buyout transaction.

In addition, Milost Global Inc., an Alabama-based private equity firm, is currently working hand in hand with PHI in the acquisition of a NYSE-quoted distribution company with an annual turnover of $1.4 billion and other cash-flow positive companies that generate between $100 million to $5 billion in annual revenues.

Henry Fahman, Chairman and CEO of PHI Group, said, "We are delighted to have the blessings of TARGET'S board of directors and the support of its senior management to proceed with the due diligence process for this transaction." Henry added, "I am excited also to learn that Bonisile (Boni) Mtsweni, a seasoned banker who gained experience while working at Public Investment Corporation (PIC), Africa's largest state owned Private Equity Firm with over $150 billion assets under management, will help us expedite the process and achieve a successful closing. We are confident that the closing of this acquisition will immediately give us the critical mass to reposition PHI and qualify for uplisting to the Nasdaq and strongly believe that we can bring select business opportunities and relationships to TARGET to create significant value for all shareholders and stakeholders otherwise not possible."

Bonisile (Boni) Mtsweni the M&A Vice President of Milost Advisors South Africa said, "We are excited to work on this transaction. It marks an excellent opportunity to acquire a South African asset with capabilities to expand beyond SA borders. Milost Advisors is pleased to be the advisor on one of many such investments that PHI and Milost Global will tackle together. It is a relationship we look forward to strengthening from one transaction to the next."

Dr. Ronald (Ron) Spratt, CEO of Milost Global Inc., said, "We are pleased to work with PHI to consummate this transaction as soon as possible. This is the first one of many more to come that will validate our vision, commitment and capabilities. With PHI Group as our partner, we can do more and better deals that benefit shareholders of all parties involved."

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
702-475-5430
Email: henry@phiglobal.com

Source: UPTICK Newswire