KUALA LUMPUR, MALAYSIA--(Marketwired - Sep 12, 2016) - Prime Global Capital Group Inc. (OTCQB: PGCG) ("PGCG" or the Company"), a company, through its subsidiaries, engaged principally in real estate and plantation businesses in Malaysia, today announced that the Company is looking into applying for a money lending license through the Malaysian Government's Money Lender's Act 1951, which as announced on September 8, 2016, allows developers to apply for and receive a money lending license to provide housing loans to buyers.
Weng Kung Wong, CEO of PGCG, commented, "For some prospective buyers, obtaining a bank loan is difficult and burdensome. The Ministry's recent announcement will help alleviate that burden for both buyers and sellers. With a money lender's license, we can provide financial assistance to buyers which will undoubtedly aid in boosting the sale and marketing of our properties that we have earmarked for development."
Mr. Wong continued, "In my experience having acquired and utilized a Money Lending License through my former venture, Mobile Wallet, the ability to provide financial assistance proves to be highly beneficial to conveying our value proposition. I'm confident, given my experience, that PGCG will have a high likelihood of receiving the license once we apply."
PGCG has earmarked two properties for development -- in Puncak Alam and in Bandar Sg Long -- both of which are approved as "mixed development properties." The Money Lending License, if approved, will be used to provide financing to buyers of these future properties.
About Prime Global Capital Group: Prime Global Capital Group Incorporated, through its subsidiaries, engages principally in the real estate and plantation businesses in Malaysia. The company acquires, develops, constructs, manages, operates, and sells commercial and residential real estate properties located in Malaysia, primarily in Kuala Lumpur and Selangor. PGCG is also involved in the cultivation and distribution of oil palm to third party, oil palm processors, refineries, oil palm product manufacturers, as well as harvesting and operating a durian plantation. The company is based in Kuala Lumpur, Malaysia.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.