PHI Group Inc (PHIL)

[gemmerling]

I would say 6/30/2021 if Henry wants to close the Real estate fund on that date. This is from the last Interview he gave last month.

Yeah actually we have two major initiatives that we are working on right now. Actually over the last three and a half years we have been working on two things number one is launching a bank fund in Luxembourg it's called Philux Global Funds. It's the first ever bank fund organized in Luxembourg for investment in the emerging markets of Asia in particular in Vietnam and it is a master fund.

Under that we have a number of compartments for Real Estate, Renewable Energy, Healthcare and Infrastructure and so far right now we're launching the first compartment the Real Estate compartment to be closed. The first closing we are looking at the end of June this year. Now because of the pandemic you know there have been some delays but we have set the target to do the first closing for this June and we have a number of projects in conjunction with the Real Estate Fund especially the development and building of what is called the Asia Diamond Exchange in Vietnam.

This is a unique opportunity there's never been a rough diamond exchange in the Asian hemisphere before. We are the first group that is doing that now and it's not a simple thing because it requires a lot of things you know we need to have ample sustainable and a consistent supply of rough diamonds to do that and we are very fortunately we're working with the governments of Angola, Botswana and also Congo to supply diamonds for that venture and then the ability to attract capital and more importantly you know diamond tier people who work in the industry to come with us to participate.

I've been working in Vietnam the last three and a half years with the government of Kuan Province in Central Vietnam. They have agreed to give us roughly about 240 hectares of land to build the exchange. It is roughly about the size of the Dubai multiple commodity center which is 200 hectares in Dubai.

We will have an official press conference in Vietnam maybe in July or as soon as the pandemic quarantine situation eases off a little bit on an International scale with some major players but you know something that's quite unique and my partner and colleague you know he was the guy together with a few experts that set up the diamond exchange for Dubai. At that time honestly he took a hundred million dollars fee for the task but this time Mr. Henry I'm coming as a partner with you I'm not gonna charge you fees to set up the exchange but we'll be in it together so that's something great.