PHI provides update on planned acquisition of TSA concession

By Ruli Setiawan

Energy and natural resources company PHI Group Inc announced Thursday that it has delivered 3.28 million shares of the company's common stock to the majority shareholder of PT Tambang Sekarsa Adadaya (TSA) as a deposit towards the total purchase price for a seventy-percent equity ownership in TSA.

TSA is an Indonesian company that owns 9,690 hectares of coal concessions purportedly with 71,038,925 MT measured coal resources and 205,334,343 MT indicated coal resources in West Sulawesi, Indonesia.

Henry Fahman, Chairman and CEO of PHI Group, met with its corporate counsel and the majority shareholder in Jakarta, January 23, 2013 to deliver the share certificate to TSA and plan for the technical, legal, and financial due diligence reviews before the closing of this transaction.

The company expects to begin the due diligence works in early February 2013 and will continue to provide further updates to its shareholders and investors on the progress of this project.

Editing by Reiner Simanjuntak