PHI to acquire Indonesian coal deposits

PHI Group, Inc., a US company focusing on energy and natural resources, announced Thursday that it has signed a definitive agreement to acquire approximately ten million metric tons of mineable coal deposits from PT. Bindakar, an Indonesian corporation with headquarters in Riau Province.

Subject to additional technical due diligence by the company and the possession of the operation and production license (Izin Usaha Pertabangan (IUP) Operasi Produksi) by Bindakar, both parties expect to close the contemplated transaction in the next three months. Consideration for the purchase will be in cash, unless otherwise agreed by both parties prior to closing, the company said.

This transaction is part of PHI Group's focus to accumulate energy and natural resource assets in the Southeast Asia region.

Henry Fahman, Chairman of PHI Group, said, "We look forward to completing additional technical due diligence and receiving the operation/production license from PT. Bindakar for the closing of this transaction. In the meantime we have also investigated other coal and natural resource assets with operation/production licenses and will select those that meet our requirements for acquisition." (romel)