Fuel supplier NSH Petro to borrow $720 mln from Australian fund
NSH Petro, a major fuel supplier in Vietnam’s Mekong Delta region, signed an agreement with Australia’s Acuity Funding on Tuesday under which the former will borrow $720 million from the latter.
Accordingly, Acuity Funding will finance eight projects of NSH Petro, listed on the Ho Chi Minh Stock Exchange (HoSE) as PSH.
In the first phase, the Australian fund will disburse $290 million for NSH Petro to repay debts and tax arrears and expand three projects in the Mekong Delta localities of Hau Giang, Tien Giang and Can Tho.
In the second phase, Acuity Funding will provide $430 million for other NSH Petro projects including construction of a new factory in Tien Giang province, increase working capital, and completing mixed-use projects in Hau Giang province and Can Tho city.
Mai Van Huy (left), chairman of NSH Petro, and Ranjit Thambyraja, chairman and CEO of Acuity Funding, at the signing ceremony in Hau Giang province, southern Vietnam, February 27, 2024. Photo courtesy of Thanh Nien (Young People) newspaper.
The 20-year loan packages will have a grace period of three years.
The agreement reportedly will help NSH Petro resolve several financial difficulties it was facing.
In December 2023, tax authorities in Can Tho city and Hau Giang province issued decisions to collect arrears totalling VND1,252.4 billion ($50.82 million). Under the decisions, Vietcombank would have to use funds in NSH’s account to make the payment and the tax authorities would stop issuing invoices for NSH.
The NSH Petro ticker closed Wednesday up 3.58% at VND8,390 ($0.34) per share.
Acuity Funding has been working in Vietnam for five years and has arranged capital of $5 billion by making investments and granting loans.
In September 2023, Tin Thanh Group, a pioneer in renewable energy in Vietnam, signed an agreement for a $6.4 billion loan from Acuity Funding that would fund the former’s investments in Vietnam and the U.S.
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