Company: PHIL
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001493152-25-007556
Chunk: 23

Company: PHI GROUP INC
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 an Investment
Commitment Agreement with Saigon Silicon City Joint Stock Company (“SSC”) whereby the Investor is committed to providing
or causing to be provided a total of five hundred million U.S. dollars (USD 500,000,000) for investment in Saigon Silicon City for the
first phase of construction and subsequent additional capital as needed to complete its 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 50,000,000) for SSC to resume the implementation of its building plan. Additional tranches of
fifty million U.S. dollars (USD 50,000,000) will be released to SSC at regular intervals as needed to ensure uninterrupted construction
progress. Both Parties shall determine and stipulate the terms and conditions for the Investment Commitment in writing prior to the release
of funds to SSC. Upon the signing of this Agreement, SSC 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 SSC if the Investor fails to fulfill its commitment as mentioned in the Agreement. The Investor intends
to use a portion of the financing commitments from certain international institutional and ultra-high net worth investors for investment
in Saigon Silicon City.

Effective
March 21, 2023, Philux Global Group and Saigon Silicon City JSC signed an amendment to amend Article 2 of the afore-mentioned Investment
Commitment Agreement as follows: “Due to additional administrative and legal requirements in connection with the Investor’s
release of funds, within thirty days of the signing of this Amendment, the Investor will provide or cause to be provided fifty million
U.S. dollars (USD 50,000,000) for SSC to resume the implementation of its building plan. Additional amounts of capital will be provided
to SSC by the Investor at various intervals as needed to ensure uninterrupted construction until the completion of the project.”

On
April 21, 2023, both parties signed an amendment to extend the delivery of the first investment tranche to Sa