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US-based PHI Group to acquire majority interest in Saigon Pho Palace
Ngoc Thuy 22:21, 2018/10/18
PHI Group will form a wholly-owned subsidiary as the special purpose vehicle to hold the majority interest in Saigon Pho Palace and take this subsidiary public in the US Stock Market in the future to create a platform for Saigon Pho Palace`s growth and expansion.
PHI Group, a U.S. diversified holding company focused on mergers and acquisitions and investments in select industries and special situations, on October 18 announced that the company has signed an agreement to acquire a 51% equity interest in Saigon Pho Palace.
 
Illustrative photo.
Illustrative photo.
PHI Group is expected to pay for the transaction with its preferred stock, or a promissory note that may be convertible into shares of a subsidiary of the Company.

The amount of preferred stock of PHI Group or the value of the convertible note to be issued for the exchange of the equity interest in Saigon Pho Palace will be based on the results of a valuation of the latter's business by a professional, independent appraisal firm.

PHI Group will form a wholly owned subsidiary as the special purpose vehicle to hold the majority interest in Saigon Pho Palace and, subject to meeting all necessary compliance requirements, file a registration statement with the US Securities and Exchange Commission to take this subsidiary public in the US Stock Market in the future to create a platform for Saigon Pho Palace's growth and expansion.

Saigon Pho Palace operates in the field of hospitality, construction and real estate investment and is currently developing a number of prominent projects in Ho Chi Minh City and other locations in Vietnam.

 It has been operating a chain of restaurants that cater to wedding banquets and convention events and plans to build 35 more restaurants of this type by 2025. It is estimated that this market segment in Vietnam generates approximately US$8 billion in revenue a year. In addition, Saigon Pho Palace also has plans to build new chains of 50 "SGP Bulkoki" restaurants by 2025 and 200 "SGP X-N Coffee" shops by 2027.

Quy Minh Le, chairman and general director of Saigon Pho Palace, stated: " We are very pleased to collaborate with PHI Group to access international capital markets to further our growth and expansion. We strongly believe that with proper financial resources we would be able to capture 20-30% of this US$8 billion market segment in the next five to seven years and create very significant value for our shareholders."
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Henry Fahman, chairman and CEO of PHI Group, said, "We are delighted to partner with SGP's talented, professional and responsive leaders and look forward to bringing about substantial benefits for both companies in the near future."
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