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Providential Holdings Announces Closing of Saigon Fund A2[/h2]

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Providential Co-advises the Fund

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Los Angeles, CA and Ho Chi Minh City, January 29, 2007 -- Providential Holdings, Inc. (OTC Bulletin Board: 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.