Providential Holdings Announces Closing of Saigon Fund A2

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.

Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact