Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact
Providential Holdings Reports Substantial Subscriptions to Saigon Securities Investment Fund
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- December 18, 2006 -- Providential
Holdings, Inc. (OTCBB : PRVHE ) (German Stock Exchanges: PR7, WKN 935160), a
provider of international advisory services specializing in mergers and
acquisitions, announced today that its Vietnam-based joint venture partner
Thanh Viet Fund Management Company (TVMC) has received substantial
subscriptions for TVMC's Saigon Securities Investment Fund A2 from major
institutional investors.
These recent subscriptions include participation from Agribank Securities
Company, Ltd., a subsidiary of Vietnam Bank for Agriculture and
Development; Handico Finance Corporation, which is owned by Hanoi Housing
Investment and Development Corporation; Vinashin Finance Corporation, a
subsidiary of Vietnam Shipbuilding Industry Corporation; Petro Vietnam
Finance Corporation, which is owned by Petro Vietnam Corporation; and Kinh
Do Company Limited, among others.
Saigon Securities Investment Fund A2 primarily focuses on Vietnam-based
listed companies in the industries of banking and finance, oil and gas,
telecommunications, real estate development, information technology,
supermarkets and trade commerce, consumer goods, and infrastructure and
utilities. Besides high potential for capital appreciation, the fund is
expected to distribute quarterly dividends between 3% to 4% to its
investors.
Tai Van Vo, chairman of TVMC, said, "We welcome the participation of these
major Vietnamese financial institutions to our Saigon A2 Fund. We believe
Vietnam's growing economy and dynamic private sector will provide ample
opportunities for us to achieve our investment objectives and reward our
investors with excellent returns."
Providential Chairman and CEO Henry Fahman said, "With a growth rate in
Vietnam estimated at 8% a year over the next decade, we believe there will
be appealing investment vehicles for retail and institutional investors.
Through new funds like Saigon A2 and taking Vietnamese companies public in
the United States, we are providing the opportunities for foreign capital
investors to benefit from the enormous growth ahead."
About Thanh Viet Fund Management Company
Thanh Viet Fund Management Company was founded by Ho Chi Minh City-based
TVH Corporation, Phuong Nam Commercial Bank (PNB) and a number of local
investors. TVMC runs the Saigon Fund A1, which has about $2 million under
management. Tai Van Vo is a former principal with Dragon Capital Group and
Enterprise Investment Management, Ltd. For more information, visit
http://www.thanhviet.com.vn.
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. 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. For more information on
Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.
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.