Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact
Providential Holdings Announces Closing of Saigon Fund A2
Providential Co-Advises the Fund
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- January 29, 2007 -- Providential
Holdings, Inc. (OTCBB : PRVH ) (German Stock Exchanges: PR7, WKN 935160), a
company providing international advisory services specializing in mergers
and acquisition and capitalizing on the rapidly growing economies in
Vietnam and Asia, announced today the closing of Saigon Securities
Investment Fund A2 at U.S. $31.2 million.
The fund, advised by Providential Holdings and Petro Vietnam Finance Corp.,
is supervised by Vietnam Investment and Development Bank and managed by Tai
Van Vo and Phuc Van Nguyen, Ph.D. Major investors include Petro Vietnam
Finance Corp., Vietnam Postal Finance Corp., Vinashin Finance Corp.,
Handico Finance Corp., Saigon Brewery Corp., Kinh Do Corp. and Eastern
Bank.
The objective is to invest 50% of the fund in four entities: Hai Phong
Thermal Power Co.; Ho Chi Minh City's tallest office building; a 20-story
office building in Ha Noi; and Hoang Anh Gia Lai Corp., the largest
privately owned company in Vietnam. The other 30% of the fund will be
invested one to two months after closing.
Chairman and CEO Henry Fahman said, "Our partnership with Thanh Viet Fund
Management Company (www.thanhviet.com.vn) and Saigon Fund A2 will help
provide the early stage and mezzanine funding for Vietnamese companies to
get ready for listing in the United States stock markets, which we believe
will improve their liquidity and ability to access foreign capital for
further growth ahead."
Saigon Fund A2 is audited by KPMG. The fund, which aims to pay a minimum of
12% dividend per annum to its investors plus potential capital
appreciation, has registered between 45% and 91% increase in value
following the closing based on unofficial trading data.
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse
business activities, the most important of which are M&A advisory services
and independent energy. The company acquires and consolidates special
opportunities in selective high-growth industries to create additional
value, acts as an incubator for emerging companies and technologies, and
provides financial consultancy and M&A advisory services to U.S. and
foreign companies. For more information on Providential Holdings and its
subsidiaries, visit http://www.phiglobal.com. As part of its activities in
Vietnam, Providential has been hosting seminars in conjunction with the
Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a
leading U.S. investment-banking firm to help Vietnamese companies go public
and raise capital through the U.S. financial markets.
A profile for investors can be accessed at
http://www.hawkassociates.com/prvhprofile.aspx.
For investor relations questions regarding Providential, contact Frank
Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail:
info@hawkassociates.com, or visit http://www.americanmicrocaps.com or
http://www.hawkassociates.com
Safe Harbor: This news release contains forward-looking statements that are
subject to certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of such forward-looking
statements. Such forward-looking statements are made based upon
management's beliefs, as well as assumptions made by, and information
currently available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.