WL Ross, ITG Team With Phong Phu To Explore Opportunities In Vietnam

 
New York City-based investment firm
WL Ross & Co. LLC and its majority-owned unit International Textile Group Inc. (ITG),
Greensboro, N.C., have signed memoranda of understanding with Phong Phu Corp., a state-owned
Vietnam-based cotton textile and apparel manufacturer, to explore opportunities to expand their
joint-venture operations and strategic investments in Vietnam.

WL Ross and Phong Phu will team to explore real-estate-related joint ventures, and a
possible investment and privatization assistance by WL Ross in Phong Phu “as the latter privatizes
through an initial public offering.”

“Vietnam is among the most rapidly growing countries in the world, and we are delighted to
have the opportunity to commit additional capital to support that growth,” said Wilbur L. Ross Jr.,
chairman, WL Ross. “We are especially eager to broaden and deepen our relationship with Phong Phu
and are committed to help that management to change from being a State Owned Enterprise to becoming
a privatized business. “The Memoranda of Understanding that we have just signed with President
Nguyen Minh Triet provide for the basis for expanding our mutual relationship.”

ITG — whose Burlington WorldWide division has partnered with Phong Phu to build an $80
million cotton fabric and apparel manufacturing complex in Da Nang, Vietnam — and Phong Phu will
consider an additional investment of $100 million for operating support, possible expansion of the
Da Nang complex and other textile and/or apparel manufacturing joint ventures.



June 26, 2007
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