PHI Group Inc. (OTCMKTS: PHIL) jumped 8% after announcing that its CEO and chairman Henry Fahman had significantly increased his stake in the company. Henry converted a $ 500,000 loan made to PHI Group on July 2, 2020 into approximately 103.28 million restricted common shares of Phi Group in order to increase direct ownership of the company.

He said his commitment to the company and its shareholders is stronger, and he thinks the future success of the company is brighter. After years of building a foundation, Henry added that the company is poised to take advantage of several cutting-edge and exciting ventures including the Asia Diamond Exchange and Luxembourg banking funds.

Recently, the company and Indonesian company CYFS Group wrote a letter of intent to co-found and sponsor CO2-1-0 (CARBON), the latest transformational carbon control initiative through environmentally sustainable projects starting in Vietnam, Indonesia and in other ASEAN countries. As part of this collaboration, PHI Group will finance the major part of the project and will receive in return 50.1% of the CO2-1-0 actions. So, in the coming weeks, PHIL is worth watching.

Market reaction:

PHIL stock rose 18.40% to $ 0.0058 with more than 384.27 million shares on Friday, from its average volume of 389.62 million shares. The stock traded in a range of $ 0.0047 to $ 0.0065 after the trade opened at $ 0.0052.

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