PRG Holdings Berhad Annual Report 2019

PRG HOLDINGS BERHAD 2 CORPORATE PROFILE PRG Holdings Berhad (“PRG” or “the Company”) was incorporated on 13 March 2001 under the name Furniweb Industrial Products Berhad and listed on 16 October 2003 on the Second Board of Bursa Malaysia Securities Berhad (“Bursa Securities”). Pursuant to the merger of the Main Board and Second Board into a single board, the Company was listed on the Main Market of Bursa Securities with effect from 3 August 2009. PRG and its subsidiaries (“the Group”) started operations in 1983 in Malaysia as a partnership producing furniture webbing and subsequently expanding its products to covered elastic yarn by setting up a private limited company in 1987. In 1997, the Group established its operation in Vietnam to take advantage of the potential and business prospects, such as the availability of labour at competitive costs and the introduction of favourable taxation environment for foreign investments, in the Vietnamese market. Notwithstanding the development in Vietnam, the Group’s headquarters remain located in Malaysia. The Group has since diversified into niche products for textile and apparel, furniture, automotive, food packaging and medical industries. On 30 July 2014, the Group diversified its core business to include property development after completion of a few corporate exercises. In order to strengthen the Company’s brand image and to reflect more aligned business direction of the Group, the Company’s name was changed to PRG Holdings Berhad on 26 January 2015. With the diversification of the Group’s principal activities to include property development, the Construction Division was established to complement its property development activities. The Group obtained the approval of its shareholders to diversify the existing core business to include construction business on 12 January 2016. On 16 October 2017, the Manufacturing Division of the Group had successfully listed on the GEM of the Stock Exchange of Hong Kong Limited (“HKEX”) via Furniweb Holdings Limited (Stock Code: 8480) (“FHL”) by way of public offer and placement of 126 million shares (“Share Offer”). PRG currently owns 54.19% of the issued share capital of FHL. The Manufacturing Division has diversified its products to Polyvinyl Chloride (“PVC”) related products and expanded its footprint in the People’s Republic of China (the “PRC”) through the acquisition of Meinaide Group which was completed on 28 June 2019. The Group continues to explore new venture or business activities to further broadened the Group’s revenue base by venturing into the retail apparel industry and became an authorised dealer for the distribution, promotion and sale of luxury fashion apparel, “Philipp Plein” in Singapore, Malaysia and Thailand in year 2018. The first flagship Philipp Plein store was opened in Marina Bay Sands, Singapore in April 2019 and a second Philipp Plein store in IconSiam Bangkok, Thailand, in July 2019. The Group had ventured into the harvesting/logging of teak trees through the acquisition of 2 parcels of agriculture land planted with teak trees in Kelantan. The acquisition was completed on 29 November 2019. PRG stands for PR EMIER G ROUP The name Premier Group denotes our commitment to strive to deliver the best in everything that we do, be it, our products, our concept, our service, our quality and value add to our stakeholders. To achieve such ideals, we must walk the talk by ensuring that we will always continue to innovate and place the interest of our customers as priority in developing our products. We also need to understand and cater to the needs of the customers, and create developments that are relevant and appropriate with eco-friendliness and sustainability as part of our concept. The above will set a platform for us to ensure that we consistently strive for excellence in all our business endeavours, not forgetting our commitments to the society and also placing priority to our staff and creating an environment that is conducive to excel.