PHI Group Inc. (OTCMKTS:PHIL) jumped 8% after announcing that its CEO and Chairman Henry Fahman had considerably increased his ownership interest in the firm. Henry converted a $500,000 loan made to PHI Group on July 2, 2020, to around 103.28 million restricted Phi Group common shares to increase direct ownership in the business.
He said that his commitment to the company and shareholders is stronger, and he believes the company’s future success is brighter. After years of foundation building, Henry added that the company is ready to leverage several cutting-edge and exciting ventures, including Asia Diamond Exchange and Luxembourg bank funds.
Recently, the company and Indonesian company CYFS Group entered a letter of Intent to co-found and sponsor CO2-1-0 (CARBON), the latest transformational carbon control initiative via environmentally viable projects beginning in Vietnam, Indonesia, and other ASEAN nations. As part of the collaboration, PHI Group will fund most of the project and receive 50.1%of CO2-1-0 shares in return. So, in the coming weeks, PHIL is worth watching.
On Friday, PHIL stock soared 18.40% to $0.0058 with more than 384.27 million shares, compared to its average volume of 389.62 million shares. The stock has moved within a range of $0.0047 – 0.0065 after opening the trade at $0.0052.