1. Memorandum of Understanding/Loan Agreement between Al Aqel and Partners Investment LLC and PHI Group, Inc.
On January 17, 2022, the registrant signed a Memorandum of Understanding/Loan Agreement with Al Aqel and Partners Investment LLC, an Oman company with address at Muscat Governorate Bousher 119 Alamarat, Muscat. P.O. BOX: 2393 Sultanate of Oman, for a project financing loan program of One Billion U.S. dollars. The term of the loan will be ten years and the interest rate will be 3.00% per annum, with a two-year grace period.
The closing of this transaction is subject to having met certain administrative, legal and financial requirements, including a collateral for the loan to be secured by a surety bond of 1% of the total loan amount to deducted from the proceeds of the loan.
2. Loan Agreement between Arab League Investment Group and PHI Group, Inc.
On January 17, 2022, the registrant signed a Loan Agreement with Arab League Investment Group, an Egyptian company with address at Arab League Tahrir Square, Downtown Business District, Cairo, Egypt, for acquisition financing loan program of Two Hundred Million U.S. dollars. The term of the loan will be fifteen years and the interest rate will be 2.5% per annum, with a three-year grace period.
The closing of this transaction is subject to having met certain administrative, legal and financial requirements, including an acceptable and satisfactory collateral for the loan.
3. Use of Proceeds
The registrant intends to use the funds from these loan programs for a variety of investment opportunities, including but not limited to the Asia Diamond Exchange, the Multi-Commodities Center, acquisition and further development of operating business targets, selective projects in the areas of real estate, infrastructure, renewable energy, healthcare, agriculture and special opportunities.
SECTION 9 – FINANCIAL STATEMENTS AND EXHBITS
Item 9.01 Financial Statements and Exhibits
The following is a complete list of exhibit(s) in connection with the filing of this Report.
Exhibit number(s) correspond to the number(s) in the exhibit table of Item 601 of Regulation S-K.
Exhibit No. Description
10.1 Memorandum of Understanding/Loan Agreement between Al Aqel and Partners Investment LLC and PHI Group, Inc. dated January 17, 2022 for a US$ 1 billion project funding loan program (the complete Memorandum of Understanding Loan Agreement document is submitted separately to the Securities and Exchange Commission).
10.2 Loan Agreement between Arab League Investment Group and PHI Group, Inc. dated January 17, 2022 for a US$ 200,000,000 loan program (the complete Loan Agreement document is submitted separately to the Securities and Exchange Commission).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 31 2022
PHI GROUP, INC. (Registrant)
By: /s/ Henry D. Fahman Henry D. Fahman Chairman and CEO
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