PHI Group Inc. (OTCPK:PHIL) signed a definitive agreement to acquire 70% stake in PT. Tambang Sekarsa Adadaya for $10.1 million in cash and stock on December 24, 2012. According to the agreement, PHI will pay a total of $4.9 million in PHI common stock by issuing 3.3 million shares and $5.3 million in cash following the satisfactory legal, technical, financial and other due diligence of PT.

Tambang Sekarsa. The transaction is expected to close by the end of March 2013. As of March 27, 2013, the transaction has been extended to June 30, 2013.