Modulex Modular Buildings Plc (“Modulex”) is a cutting-edge UK-based ConstrucTech company manufacturing 3D volumetric steel modular buildings and harnessing emerging technologies, such as Artificial Intelligence (AI), Blockchain & Internet of Things (IoT), to meet the burgeoning housing and infrastructure needs in developed and emerging markets at a rapid pace and with optimal cost efficiency.

PHP Ventures Acquisition Corp. is a special purpose acquisition company, owns over US$58.1 million in its trust account for the purpose of effecting a business combination with a possible target

The transaction values Modulex at US$600 million, which together with the cash in PHP’s trust account, assuming no redemptions in the business combination, transaction expenses, and the addition of proceeds of a possible financing of up to $30 million outlined below, results in a combined pro forma business value of US$682.5 million. In our opinion, this represents an attractive valuation when compared to some recent comparable market valuations. Houlihan Capital, LLC has prepared an independent Fairness Opinion on this valuation.

Modulex’s innovative building technology answers the pressing requirements for infrastructure such as healthcare, workplaces, and affordable housing in growing and growth countries and beyond.

Between 2020 and 2030, the worldwide construction market is projected to increase by US$4.5 trillion, reaching US$15.2 trillion, with US$8.9 trillion in emerging markets.

Modulex is now constructing the world’s largest Mega Factory™ for steel modular structures in India to provide to the fast growing Indian real estate market and to export to the US, UK, and the EU.

Modulex has acquired an order pipeline of £37.5 million from customers in the UK and India and backing of major real estate investors such Ajmera Group, Delta Corp., and Ethix Group through their participation as shareholders in the Indian affiliate of Modulex.

The business combination will facilitate funding for five factories across South Korea, Vietnam, Brazil, Egypt and the US and positions Modulex to roll out a further 15 factories across emerging markets.

The acquisition is anticipated to occur as early as the second quarter of 2023, and the combined company will trade on the Nasdaq Capital Market under the symbol "MDLX" and operate under the name Modulex.