PHI Group to reduce ownership in RI coal concessions
Thursday, November 22 2012 - 07:46 AM WIB
Nasdaq-listed PHI Group, Inc., recently stated it will negotiate with and engage the owners of the AHR and TSA coal concessions in Indonesia as local partners by reducing its acquisition holdings to 70-80% in these projects from 100% as previously contemplated in an effort to complete its annual audit for the fiscal year ended June 30, 2012 in order to file all the outstanding reports with the Securities and Exchange Commission with the intent of resuming its status as a fully reporting company with the SEC by December 31, 2012 or shortly thereafter.
The company said in a statement that it will reserve the number of shares allocated for a previously announced special dividend on the books of the company by November 30, 2012 and will postpone the date of the distribution to March 31, 2013, intending to promptly file a registration statement to include the dividend shares so that eligible shareholders will be able to receive free-trading shares instead of restricted securities when the registration statement becomes effective.
PHI said it is in the process of divesting other businesses from its core holdings in order to concentrate on the development of its energy and natural resources activities.
Editing by Er Audy Zandri