Acuity Funding’s Chairman and CEO, Mr Ranjit Thambyrajah, has been officially appointed as the new General Director and CEO of the publicly listed company Nam Song Hau Petroleum Trading and Investment Joint Stock Company , a major oil and gas manufacturer and distributor across the Mekong Delta region of Vietnam.
By Jacquelene Pearson*
Nam Song Hau Petroleum Trading and Investment Joint Stock Company (NSH Petro) announced its Board of Directors had adopted a resolution on April 26, to appoint Acuity Funding’s founder and Chairman, Ranjit Thambyrajah, as its new CEO.
“Acuity Funding is committed to elevating NSH Petro to the global stage with suitable funding, management, security of supply and technology,” Mr Thambyrajah said.
“With NSH Petro’s strong foundation in the region, we believe this will be a great example of Vietnamese business expansion to the overseas market,” he said.
“NSH Petro exemplifies our success in transforming a struggling publicly listed company into a leader in their industry through global cooperation.”
As reported by media outlets in Vietnam, NSH Petro was established in Vietnam in February 2012 with initial capital of $VND60 billion. The same year it was licensed to invest in the construction of a 50,000 cubic metre petroleum warehouse in Vietnam’s Hau Giang province.
In 2013 NSH Petro became one of Vietnam’s petroleum distribution hubs according to the license from the Ministry of Industry and Trade.
NSH Petro had another landmark year in 2017 when it raised its charter capital of $VND450 billion to develop a petroleum blending plant, tourism hotel, restaurant and aquaculture industries in the Mekong Delta.
Through 2018 and 2019 NSH Petro conducted two share issues to bring its capital base to around $VND1.3 billion, enabling it to expand its production and distribution network.
It was approved as a public company by the State Securities Commission in December 2020. Then in January 2020 NSH Petro was granted the first securities registration certificate by the Vietnam Securities Depository Centre, with the code PSH Securities and over 126 million total registered shares.
Mr Thambyrajah said he was honoured that the NSH Petro board of directors had resolved to approve his appointment on April 26.
According to that resolution, the powers and obligations of Mr Thambyrajah’s new position are specified by the company’s charter.
Another member of the Acuity Team, Mr Nguyen Viet Anh, was also appointed to the position of Deputy General Director, in charge of financial control, sourcing capital, allocating and using capital effectively.
Mr Thambyrajah’s appointment coincides with a major debt restructuring within the company. On April 24, NSH Petro announced to the State Securities Commission and the Ho Chi Minh City Stock Exchange that its board of directors had also resolved to approve a $USD290 million loan, facilitated by Acuity Funding.
The loan will be used to repay existing taxation debt, bank debt, as well as providing working capital to invest in project implementation.
“As a leading private credit provider throughout the Asia Pacific, Acuity Funding is ideally positioned to assist NSH Petro to expand and become a sector leader throughout Asia,” Mr Thambyrajah said.
“We have over 40 years of experience in private credit and have been operating in Vietnam for over nine years.”
The company is expected to make major announcements when it holds it annual general meeting before June 30 regarding new breakthroughs for rapid and sustainable development in the petroleum and carbon sectors.
“I believe NSH Petro has the potential to be a world-leader in the petroleum sector whilst having strong diversification in petrochemicals and petroleum transportation. With the backing of Acuity, NSH Petro will be well positioned to deploy projects in regions and countries that are particularly attractive to investors.”
NHS Petro remains focused on petroleum production, distribution and logistics. It currently has five member companies and three affiliated companies across Vietnam.
Contact Acuity Funding today if you would like more information about Acuity’s role as a global leader in private credit.
*Jacquelene Pearson is Acuity Funding’s content editor
