Item 8.01 Other Events.
Investment Commitment Agreement among Saigon Silicon City JSC and Philux Global
Group, Inc. (aka PHI Group, Inc.) and Subsidiaries.
On February 21, 2023, Philux Global Group Inc. (a/k/a PHI Group, Inc.) and its
subsidiaries Philux Global Funds SCA, SICAV-RAIF and Philux Global Vietnam
Investment and Development Company, Ltd., (collectively referred to as "the
Investor") signed an Investment Commitment Agreement with Saigon Silicon City
Joint Stock Company (the "Company") whereby the Investor is committed to
providing or causing to be provided a total of five hundred million U.S. dolars
(USD 500,000,000) for investment in Saigon Silicon City for the first phase of
construction and subsequent additional capital as needed to complete the
Company's entire development and investment program over a 52-hectare of land at
Lot I6 & I7, Road D1, Saigon High Technology Park, Long Thanh My Ward, District
9, Ho Chi Minh City, Vietnam.
According to the Investment Commitment Agreement, within thirty days of the
signing of this Agreement, the Investor will provide or cause to be provided
fifty million U.S. dollars (USD 50,000,0000) for the Company to resume the
implementation of its building plan. Additonal tranches of fifty million U.S.
dollars (USD 50,000,000) will be released to the Company at regular intervals as
needed to ensure uninterrupted contruction progress. Both Parties shall
determine and stipulate the terms and conditions for the Investment Commitment
in writing prior to the release of funds to the Company. Upon the signing of
this Agreement, the Company shall make a deposit of Five Hundred Thousand U.S.
Dollars (USD 500,000) with the Investor as earnest money for legal,
administrative and processing fees in connection with the Investment Commitment
Agreement. This amount will be fully refundable to the Company if the Investor
fails to fulfill its commitment as mentioned in the Agreement. The Investor
intends to use a portion of the USD 4,500,000,000 financing commitments from
certain international institutional and ultra-high net worth investors which are
expected to be released during the first quarter of 2023 for investment in
Saigon Silicon City and select projects in Vietnam and elsewhere.
The foregoing description of the Investment Commitment Agreement by and among
Saigon Silicon City JSC and Philux Global Group and its Subsidiaries is
qualified in its entirety by reference to the full text of said Agreement, which
is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference. The Company issued a press release on February 27, 2023
regarding this Investment Commitment Agreement, which is attached as Exhibit
99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibits
No. Description
10.1 Investment Commitment Agreement among Saigon Silicon City JSC and Philux
Global Vietnam Investment and Development Company Ltd., Philux Global Funds
SCA, SICAV-RAIF and Philux Global Group, Inc. (aka PHI Group, Inc.)
99.1 Press release issued February 27, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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.
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