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Vietnamese Tecco Group Joins PHILUX Global Funds to launch Luxembourg-based infrastructure fund for Vietnam
GLOBENEWSWIRE 2:00 PM ET 8/10/2020
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PHIL 0.0002up +0.0001 (+100%)
QUOTES AS OF 02:44:38 PM ET 08/10/2020
New York, Aug. 10, 2020 (GLOBE NEWSWIRE) -- PHI Group, Inc.(PHIL) , announced today that Vietnam-based Tecco Group (https://teccogroup.vn/) has signed an agreement with PHI Luxembourg Development SA, a subsidiary of PHI Group(PHIL), to launch “PHILUX Infrastructure Fund,” the first-ever Luxembourg-based infrastructure fund for Vietnam.


As one of the fastest growing economies in ASEAN, Vietnam is currently demanding for more foreign financial investment and technical assistance to narrowing its infrastructure gap. According to the Global Infrastructure Outlook, Vietnam requires an investment of US$605 billion to meet 83 per cent of its infrastructure goals by 2040. Among the sectors that have been given utmost priorities are the urban transportation, road & rail and port infrastructure.

Currently, just 20 per cent of the country’s national roads are paved, and a recently approved plan to build Vietnam's North-South high-speed railway, which allows passengers to travel between capital Hanoi and Ho Chi Minh City in about eight hours, will cost about 26 billion U.S. dollars.

The rising population in major cities in recent years has strained and exceeded capacity of the existing connectivity networks and utilities systems. With 50% of Vietnam’s population expected to be living in cities, Hanoi and Ho Chi Minh are building rapid transit systems exceeding US$22 billion in the hope of reducing private vehicle ownership and improving air quality.

Various expressway projects are planned and underway to improve connectivity within major cities. Similarly, development and upgrading of urban utilities infrastructure are announced and there are 44 planed PPP projects with total investment value worth up to US$ 120 billion in the road and power sectors.

PHILUX Global Funds SCA, SICAV-RAIF (www.philux.eu), is a Luxembourg-based bank fund with multiple sub-fund compartments for investment in real estate, infrastructure, renewable energy and healthcare as well as the proposed Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE) in the Chu Lai Open Economic Zone, in Quang Nam Province. This will be the first rough diamond exchange in Asia, comparable with diamond exchanges in Antwerp and Dubai.

Besides supporting transport infrastructure, Tecco Group expects to utilize the Luxembourg infrastructure fund for a number of port, industrial zone cluster, and airport projects together with modern technologies. Mr. Huyen Duc Vu, Vice Chairman of Tecco Group, commented: “ This is the first time Vietnam has the opportunity to access international capital for infrastructure development through a Luxembourg-based bank fund, which helps respond to the overall social development demand and at the same time elevate the competitiveness of the economy. Representing Tecco Group, I am extremely pleased to cooperate with PHILUX Infrastructure Fund to capitalize on huge potential of the infrastructure construction market in Vietnam.”

Mr. Vu added: “ The negative impact from the coronavirus pandemic has exerted a heightened pressure on the Vietnamese government in its efforts to maintain a positive growth economy, especially in the backdrop of decreasing ODA financings, failure or negative consequences of BT, BOT and PPP models, and bottlenecks in public finance funding; therefore, I strongly believe that the launching of an infrastructure fund for Vietnam at this time is very appropriate. I am confident that the cooperation between PHILUX and TECCO will bring about positive beacons for infrastructure investment projects in the near future.”

Henry Fahman, Chairman of PHILUX Global Funds SCA, SICAV-RAIF, stated: “We are delighted to cooperate with Tecco Group in launching the first-ever Luxembourg-based PHILUX Infrastructure Fund for Vietnam. We look forward to utilizing our combined experience and international networks to serve the needs of infrastructure development in Vietnam as well as create meaningful economic value for both companies, our shareholders and other stakeholders.”

About PHI Group, Inc.(PHIL)

PHI Group (PHIL) , primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. In addition, the Company’s wholly-owned subsidiary, PHILUX Capital Advisors, Inc. (www.philuxcap.com) provides M&A consulting services and assists companies to go public and access international capital markets while also serving as the investment adviser to Luxembourg-based PHILUX Global Funds (www.philux.eu).

About Tecco Group

Established on December 17, 2001 with a charter capital of VND 2,000 billion (Two trillion VND), TECCO is a multidisciplinary business operating mainly in the fields of construction investment - housing real estate, resort real estate, quarrying, water exploitation, hydroelectricity and service chains. services such as: travel and tourism services, design consulting, construction, supermarket services, hotels, etc.

With 20 years of establishment and development, TECCO Group has 5 affiliated corporations, 36 member units, joint ventures, and has been implementing more than 60 projects across 18 provinces and cities nationwide, from Lao Cai in the North to Kien Giang in the South of Vietnam. The Group is operated by a team of managers including Ph.D.’s, Masters, engineers, and well-trained, professional and experienced staff with modern specialized equipment. TECCO has been investing in many large-scale, high-quality projects all over Vietnam. Website: (https://teccogroup.vn/)

Safe Harbor Act and Forward-looking Statements

This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.

Contact:

PHI Group, Inc. (PHIL)
+1-702-475-5430
info@phiglobal.com




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Source: PHI Group, Inc.(PHIL)
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