Providential Holdings Announces Formation of Private Equity Fund
Company to Raise and Manage $100M to Invest in Vietnamese Companies
Mar. 21, 2007 12:58 PM
LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- 03/21/07 -- Providential Holdings,
Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company
investing in the rapidly growing economies in Vietnam and Asia, announced
today its board of directors gave approval to form a private equity fund,
the Providential Vietnam Growth Fund.
Providential Capital, a subsidiary of Providential Holdings, Inc., will
raise and manage $100 million for the fund, which will be used to finance
Vietnamese companies seeking to go public in Vietnam and the U.S.,
including state-owned enterprises that are being privatized.
Managing Director of Providential Capital, Benjamin Tran, commented, "The
liberalization of the Vietnamese economy has recently created a significant
opportunity for highly capitalized firms in the U.S. to partner with some
of the country's most promising companies. We are honored to announce our
first private equity fund focused specifically on Vietnamese companies with
exceptional growth plans. With connections and expertise in local capital
markets, Providential Capital will soon become the preferred partner of
many high quality companies looking for growth acceleration."
Chairman and CEO Henry Fahman said, "We are executing a plan to secure an
early presence as a trusted funder in the rapidly growing Vietnamese
capital markets. Based on our earlier successes with several Vietnamese
companies and the caliber of our close contacts in the country, we
anticipate we will originate and structure many financing options over the
coming months. We also look forward to introducing these impressive
businesses to markets around the globe."
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.
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.
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Investor Relations Contact:
Hawk Associates, Inc.
Frank Hawkins or Julie Marshall
Phone: (305) 451-1888
E-mail: Email Contact
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