PHI Group Inc. (OTCMKTS:PHIL) jumped 22% after the company focusing on PHILUX Global Funds implementation announced an increase of stock ownership in the company by its management. PHILUX Global Funds is an assortment of bank funds in Luxembourg organized as “Reserved Alternative Investment Fund” and building the Asia Diamond Exchange in Vietnam.
On August 25, Phi chairman and CEO Henry Fahman converted $550,000 in unpaid and accrued salaries from September 30, 2004, through March 31, 200 into 114.673 million restricted common shares of the company. Also, the company’s treasurer and corporate secretary Tina Phan converted $217,500 in unpaid and accrued salaries into 45.348 million restricted common shares.
Farman said that their commitment to Phi Group and company shareholders is substantial, and they are optimistic about its future success. He added that after years of laying the foundation, the company is ready to leverage those efforts with many cutting-edge and exciting ventures, including the Asia Diamond Exchange and Luxemburg bank funds. As a result, investors should keep an eye on PHIL in the coming months.
Market Reaction:
On Friday, PHIL stock soared 22% at $0.0089 with more than 391.83 million shares, compared to its average volume of 321.03 million shares. The stock has moved within a range of $0.0079 – 0.0092 after opening the trade at $0.0081.
