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Acuity Funding poured USD720 million to invest in developing 8 projects of NSH Petro (PSH) 

 Thursday, March 14,2024

AsemconnectVietnam - Acuity Funding agreed to finance development investment capital related to 8 component projects of NSH Petro, divided into 2 phases, with a total capital of USD720 million.

On the afternoon of February 27, 2024, at the headquarters of the People's Committee of Hau Giang province, a loan approval signing ceremony took place between Nam Song Hau Petroleum Trading and Investment Joint Stock Company (NSH Petro - stock code PSH) and Acuity Funding.
Attending the ceremony were Chairman of Hau Giang Provincial People's Committee Dong Van Thanh, Standing Vice Chairman of Hau Giang Provincial People's Committee Truong Canh Tuyen, Vice Chairman of Tra Vinh Provincial People's Committee Nguyen Quynh Thien, Mr. Dominic Balasuriya, Economic Consul - Consul General Australian consulate in Ho Chi Minh City…
Accordingly, Acuity Funding agreed to finance development investment capital related to 8 component projects of NSH Petro, divided into 2 phases.
During the signing ceremony of loan contracts for phase 1, Acuity Funding arranged capital for NSH Petro's active projects for the purpose of disbursement to pay bank debt, tax debt, and provide working capital. , upgrading and expanding the operation of existing facilities for 3 projects in Mai Dam (Hau Giang), Go Cong (Tien Giang), Tra Noc (Can Tho), with a total capital of about 290 million USD.
In phase 2 (deployed immediately after phase 1), Acuity Funding continues to provide capital for NSH Petro to deploy 5 new factory construction projects in Tien Giang, renovating Nam Viet Cai Rang factory (Can Tho), increasing working capital, supporting the completion of mixed-use projects in Dong Phu (Hau Giang) and Phong Dien (Can Tho) with a total capital of about USD430 million.
These credit financing packages deployed in 2024 are stable, long-term up to 20 years with a preferential extension period of up to 3 years, ensuring a solid foundation and will open up new development opportunities, stronger for NSH Petro.
At the same time, Acuity Funding also contributed management experience, brought advanced technology and became a strategic shareholder of NSH Petro to accompany the goal of sustainable development, bringing benefits to the community and reduce emissions, converting to green energy.
Speaking at the signing ceremony, Mr. Ranjit Thambyrajah, President and CEO of Acuity Funding, said that this cooperation meets Acuity Funding's wishes for the goal of developing green energy, and he considers this not a bad deal. This is a short-term cooperation of 10 years, 20 years, but a long-term, long-term cooperative relationship with NSH Petro. Through that, contributing to the socio-economic development of Hau Giang province as well as the entire Mekong Delta region.
On the local government side, Standing Vice Chairman of Hau Giang Provincial People's Committee, Mr. Truong Canh Tuyen highly appreciated the cooperation between Acuity Funding and NSH Petro on the basis of mutual benefit, and the provincial government committed to always accompanying the local government. NSH Petro promptly resolved difficulties and obstacles during project implementation, contributing to the overall development of the province.
Acuity Funding is a global private credit institution from Australia, a member of the global Interbank Telecommunications Finance Corporation (SWIFT), with more than 40 years of operating experience and more than 9 years in the Vietnamese market. Acuity Funding has the ability to provide, coordinate and manage more than 100 billion USD in project value in 35 countries, especially in the Asia-Pacific region.
Mr. Mai Van Huy, Chairman of the Board of Directors of NSH Petro, said that in 2024, the Ministry of Industry and Trade has assigned the minimum total source of petroleum (including imported sources, production, blending and gradual purchase of domestic production sources) to NSH. Petro is 684,926m3; Of which, gasoline is 466,186m3, diesel is 218,740m3.
“NSH Petro strives to overcome all difficulties and increase production to ensure the supply of petroleum to the Mekong Delta provinces, contributing to production development, maintaining energy security, and meeting the consumption needs of customers" Mr. Huy shared.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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