It may be the right time for investors to start taking an interest in the PHI Group Inc (OTCMKTS:PHIL) stock this morning in light of the strong move in the stock on Thursday.
Trading Data
On Thursday, PHIL stock soared 15.80% to $0.0044 with 289.99 million share, compared to its average volume of 146.41 million shares. The stock has moved within a range of $0.9060 – 0.9500 after opening trade at $0.9477.
PHI Group Signs Definitive Agreement to Acquire Majority Ownership in a Baijiu (“bye-joe”) Distiller
Following a key announcement from the company yesterday, the stock attracted the attention of investors in a big way and ended up with gains of as much as 16%. PHI Group announced yesterday that it had inked an agreement of purchase and sale by way of which it seeks to pick up a 70% majority stake in the company Five Grain Treasure Spirits Co Ltd.
It could well prove to be a major boost for PHI Group considering the fact that Five Grain is a long standing company and its tradition goes back to more than century in the Jilin Province in China. PHI Group noted that the transaction is both unique and special and is expected to unlock significant value for both shareholders and also other stake holders in the company. It now remains to be seen if the PHI Group stock can manage to add to its gains over the course of the coming days. It may be a good idea to keep an eye on it today.
Key Quote
Mr. Jimmy Wang, Vice President of Five-Grain, reiterated: “By partnering with PHI Group and having access to international capital sources, we are confident we will be able to accelerate our execution to meet our growth targets and become a major player in this sector.”
Technical Data
PHIL stock is trading below the 20-Day and 50-Day Moving averages of $0.0046 and $0.0056 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.0066.
