Philux Global Group Inc. (OTCPK:PHIL) signed an agreement to acquire 51% stake in Tin Thanh Group Company Limited from Tran Dinh Quyen for $60 million on August 13, 2022. Philux Global Group Inc will acquire 22.032 million shares of Tin Thanh Group Company Limited. Philux Global Group Inc. has also secured a $3 billion equity investment commitment from a Gulf Cooperation Council group and intends to use this source of capital to pay for the acquisition of the TTG majority stake. The closing of this transaction is scheduled to occur by October 04, 2022. As of October 3, 2022, Philux Global Group Inc. Tin Thanh Group Joint Stock Company and Tran Dinh Quyen signed an amendment to amend Stock Transfer Agreement. The Closing Date shall be within ninety days following the signing of the Stock Transfer Agreement, unless amended otherwise in writing by TTG, the Majority Shareholder and PGG. As of November 11, 2022 Philux Global Group Inc. Tin Thanh Group Joint Stock Company and Tran Dinh Quyen entered into Second amendment to the Stock Transfer Agreement. The Closing Date shall be within one hundred twenty (120) days following the signing of the Stock Transfer Agreement, unless amended otherwise in writing by TTG, the Majority Shareholder and PGG. The transaction was extended to close on January 31, 2023. As of January 30, 2023, both parties agreed to further extend the closing date to a future date. The closing date of this transaction is currently extended to March 15, 2023. Henry Fahman shall be a member of Management Board of TTG.

Philux Global Group Inc. (OTCPK:PHIL) cancelled the acquisition of 51% stake in Tin Thanh Group Company Limited from Tran Dinh Quyen on March 20, 2023.