PHI Group Inc a company focused on energy and natural resources, announced that it has signed a Letter of Intent to acquire approximately 100 million metric tonnes of coal resources, together with the operation and production license located in an area of 9,900 hectares in East Kalimantan, Indonesia from PT. MSP, an Indonesian company with headquarters in Kutai Timur, Kalimantan Timur, Indonesia.

According to the signed Letter of Intent, PT. MSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction within the month of March 2012 or soon thereafter.