PHI Group has signed a Memorandum of Agreement to acquire a minimum of 51% interest in Hoang Minh Chau Hung Yen LLC, a Vietnamese company located in Chi Tan Village, Khoai Chau District, Hung Yen Province, Vietnam (“HMC”), that specializes in cultivating and processing of turmeric (curcuma longa).
The acquisition is part of the Company’s plan to apply the proprietary enhanced bioavailable nutrients and natural symbiotic immune system to grow organic turmeric in Hung Yen Province, Vietnam and at the same time utilize HMC’s expertise and experience to grow premium organic turmeric in the U.S. for Abundant Farms, a PHI Group’s agricultural subsidiary.
HMC grows turmeric and buys harvested crops from other local farmers for its turmeric processing plant. It produces turmeric powder for food, healthcare and beauty supply and also contracts with the Vietnamese Institute of Industrial Chemistry to process curcuminoids from turmeric for various usages.
Turmeric can be used for arthritis, heartburn (dyspepsia), joint pain, stomach pain, Crohn’s disease and ulcerative colitis, bypass surgery, hemorrhage, diarrhea, intestinal gas, stomach bloating, loss of appetite, jaundice, liver problems, helicobacter pylori (H. pylori) infection, stomach ulcers, irritable bowel syndrome (IBS), gallbladder disorders, high cholesterol, a skin condition called lichen planus, skin inflammation from radiation treatment and fatigue and a variety of other ailments.
In food and manufacturing, the essential oil of turmeric is used in perfumes. Its resin is used as a flavor and color component in foods.