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Last $0.06 USD
Change Today 0.00 / 0.00%
Volume 0.0
PGCG On Other Exchanges
Symbol
Exchange
OTC BB
As of 4:30 PM 01/22/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

E-5-2, Megan Avenue 1

Block E

Jalan Tun Razak

Kuala Lumpur, 50400

Malaysia

Phone: 60 3 2162 0773

Fax: 60 3 2161 0770

Prime Global Capital Group Incorporated engages in the operation of a palm oil plantation, leasing of commercial properties, and development of residential real estate properties in Malaysia. Segments During the fiscal year 2014, the company operated in the following three business segments: Software Business: This segment engages in the provision of IT consulting, programming and Web site development services. Its software business was operated through Union Hub Technology Sdn. Bhd (UHT) and was discontinued in December 2014. Plantation Business: This segment includes oilseeds and castor seeds business. The company discontinued castor sales during 2014 fiscal year. Real Estate business: This segment engages in the acquisition and development of commercial and residential real estate properties in Malaysia. Oilseeds Business Virtual Setup Sdn. Bhd. (VSSB) manages and operates a 643 acre palm oil plantation in Malaysia. The company’s plantation cultivates and distributes fresh fruit bunches (FFBs) to third party oilseed processors located in Malaysia that extract, refine and resell palm oil. The byproducts of the refinery process are sold to other manufacturers further downstream to produce various derivative products. Real Estate Business The company’s real estate business operations consist of the acquisition, development, management, operation and sale of commercial and residential real estate properties located in Malaysia, primarily in Kuala Lumpur and Selangor. Development Activities: The company holds a 99-year leasehold interest to 21.8921 hectares (54.10 acres) of vacant development land, and two parcels of vacant land aggregating approximately 31 acres, or the Dunford Parcels, all located in Selangor, Malaysia. The company intends to develop the Land into the Shah Alam 2 Eco Residential Development project and intends to develop the Dunford Parcels into the Bandar Sungai Long High Grade Villas Community project. Shah Alam 2 Eco Residential Development Shah Alam 2 is a third party development sprawled approximately 1,163 acres of prime land within Bandar Puncak Alam. It is located in Selangor in the Klang Valley area. Distribution Customers of the company’s oilseeds business principally consist of oilseed processors, refineries and oilseed product manufacturers. Its products are distributed in bulk from its plantations directly to its customers’ facilities. Initially, the company intends to transport its products through third party transportation systems. Suppliers The company’s suppliers include Sun Shine Fertiliser Enterprise Oilseeds and Lim Joo Soon Enterprise. Customers The company’s customers include Le Apple Boutique Hotel (KLCC) Sdn. Bhd. and Lim Joo Soon Enterprise. Regulations Oilseeds: The company’s oilseeds business is subject to additional laws addressing land, environmental, labor, wildlife and crop cultivation matters. The company is subject to the Land Acquisition Act of 1960, which specifies the conditions under which the Malaysian government may acquire by eminent domain private land (including its palm oil plantation) to pursue its social policies. The company is also subject to various environmental laws, including the Environmental Quality (Prescribed Activities) (Environmental Impact Assessment) Order 1987; the Workers’ Minimum Standard of Housing & Amenities Act 1990; the Pesticides Act 1974 (Pesticides Registration) Rules 1988; Pesticides (Licensing for sale and storage) Rules 1988 and Pesticides (Labeling) Regulations 1984; and the Protection of Wildlife Act 1972 which governs the capture and destruction of certain protected wildlife. History Prime Global Capital Group Incorporated was founded in 2008.

 

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