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Press Release Source: PROVIDENTIAL HOLDINGS, INC.
Providential Holdings to Acquire a Major Steel Company in China
Thursday June 3, 5:08 am ET
FOUNTAIN VALLEY, CA--(MARKET WIRE)--Jun 3, 2004 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News); (Berlin Stock Exchange: PR7, WKN 935160); (www.phiglobal.com) today announced that it has reached a memorandum of understanding to acquire and restructure Hefei Iron & Steel Group Company, Ltd, Hefei, Anhui Province, China.
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Hefei Iron & Steel Group founded in 1958 and reorganized in 1998 with a registered capital of $140,000,000. In 2003, its revenue was $257,000,000 and gross profit of $36,125,000. From Jan 1, 2004 - Apr 30, 2004, its revenue was $105,000,000 and gross profit was $11,375,000. Its current steel making capacity is 1,400,000 metric tons per year. Providential intends to lead a consortium to invest into HISG to upgrade its equipment and boost its capacity to 2,000,000 metric tons per year.
Providential Holdings to Acquire a Major Steel Company in China
Thursday June 3, 5:08 am ET
FOUNTAIN VALLEY, CA--(MARKET WIRE)--Jun 3, 2004 -- Providential Holdings, Inc. (OTC BB:PRVH.OB - News); (Berlin Stock Exchange: PR7, WKN 935160); (www.phiglobal.com) today announced that it has reached a memorandum of understanding to acquire and restructure Hefei Iron & Steel Group Company, Ltd, Hefei, Anhui Province, China.
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Hefei Iron & Steel Group founded in 1958 and reorganized in 1998 with a registered capital of $140,000,000. In 2003, its revenue was $257,000,000 and gross profit of $36,125,000. From Jan 1, 2004 - Apr 30, 2004, its revenue was $105,000,000 and gross profit was $11,375,000. Its current steel making capacity is 1,400,000 metric tons per year. Providential intends to lead a consortium to invest into HISG to upgrade its equipment and boost its capacity to 2,000,000 metric tons per year.
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