PHI LUXEMBOURG DEVELOPMENT S.A., a wholly-owned subsidiary of the Company, which serves as the mother holding company for PHILUX GLOBAL FUNDS, has signed a Memorandum of Agreement with “Building and Construction Material One-Member Ltd. Co. No. 27 “ (“COMA27”), a company belonging 100% to the Ministry of Construction of Vietnam, for COMA27 to participate in the Public Private Partnership (PPP) with PHILUX Asia Diamond Center Development Fund in order to organize the Asia Diamond Exchange in the Free-trade Zone of the Chu Lai Open Economic Zone, Quang Nam Province, Vietnam. The Company has been working diligently to set up a diamond exchange in Vietnam according to the model of Dubai’s DMCC https://www.dmcc.ae/.

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