PGF Capital Berhad

What PGF Capital Berhad does

PGF Capital Berhad is a Malaysian public-listed investment holding company (Bursa Malaysia, stock code 8117) that operates primarily as a manufacturer of glass mineral wool insulation, with approximately 70% of its insulation output exported to Australia and New Zealand. The company runs a manufacturing facility in Perai, Penang and is constructing a second plant in Kulim East Industrial Park through wholly-owned NetZero Technology Sdn Bhd, expected to lift installed annual capacity from 25,000 tonnes to 65,000 tonnes in H2 2026 with a Phase 2 plan to 85,000 tonnes. It holds exclusive distribution rights for Centria International's mineral wool sandwich panels in Malaysia (with expansion rights to Australia, New Zealand, and Singapore) for data centre and industrial applications, and previously manufactured melt-blown non-woven fabric for face masks. PGF also pursues a long-dated property development strategy on its 1,311-acre Tanjong Malim land bank (Diamond Creeks Country Retreat, RM3 billion GDV) and a RM600 million mixed development in Kulim Hi-Tech Park via the Nexel Development KHTP joint venture.

The business model is anchored in B2B insulation manufacturing, with quoted pricing based on volume and market conditions, primarily through direct enterprise sales and a regional distribution network operated via wholly-owned PGF Insulation Pty Ltd in Melbourne with warehouses and delivery fleet in Brisbane and Willawong, Queensland. Customer segments are concentrated in the Australian and New Zealand construction and building industries, supplemented by government-backed energy efficiency programmes such as Victorian Energy Upgrades. Revenue streams include one-time product sales (insulation contributes 99.6% of group revenue), transaction-based property development and agricultural activities, and investment holding returns from subsidiaries and JVs. PGF is family-controlled, with the Fong family holding approximately 73.3% of equity, led by Executive Chairman Fong Wah Kai and Group CEO Fong Wern Sheng.

Name

PGF Capital Berhad

Legal name

PGF Capital Berhad

Website

https://pgfcapital.com.my

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

51–100 employees

Short description

PGF Capital Berhad is a Bursa Malaysia-listed manufacturer of glass mineral wool insulation, exporting ~70% of output to Australia and New Zealand through its Melbourne-based subsidiary, while developing a 1,311-acre township in Tanjong Malim and a RM600 million Kulim Hi-Tech Park project.

Ownership category

akta.pro rank

Product category

Building Insulation Materials

NAICS

Mineral Wool Manufacturing (327993)

akta.pro primary industry

Fiberglass Insulation (IMADAGAA)

Keywords

• Glass wool insulation
• Building insulation materials
• Mineral wool sandwich panels
• Melt-blown non-woven fabric
• Integrated township development

Headquarters

HQ city

Perai

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insulation Products Manufacturing: Design, production and distribution of glass mineral wool insulation and related products. This is the primary revenue driver contributing 99.6% of total group revenue. Products include insulation materials for buildings, sandwich panels, and related building materials. Revenue is generated through direct sales to customers in Malaysia and exports to Oceania markets.
2. Property Development: Development of integrated township projects including residential, commercial, agricultural, aquaculture and eco-tourism components. The Diamond Creeks Country Retreat project in Tanjong Malim has an estimated GDV of RM3 billion. Revenue recognized upon property sales and development milestones.
3. Agriculture and Plantation: Cultivation of tropical fruits including durian, mangosteen, papaya, passion fruit and Japanese citrus, along with freshwater aquaculture activities. Contributes minimally to current revenue but represents land monetization strategy.
4. Investment Holding: Investment holding activities generating returns from subsidiaries and joint venture companies including Nexel Group and property development ventures.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

PGF Capital designs, manufactures and distributes glass mineral wool insulation products made from recycled glass for thermal and acoustic insulation in residential, commercial and industrial buildings. It also distributes mineral wool sandwich panels (for data centre and industrial applications) under an exclusive Centria International agreement, operates an integrated property township (Diamond Creeks Country Retreat) and a Kulim Hi-Tech Park mixed development JV, and runs tropical fruit and aquaculture operations. Insulation manufacturing is the primary revenue driver, contributing approximately 99.6% of FY26 group revenue.

Product overview

PGF Capital Berhad operates as a diversified investment holding company with three core business segments: Manufacturing (glass mineral wool insulation as primary product, with mineral wool sandwich panels distributed through Centria International partnership), Real Estate (property development including Diamond Creeks Country Retreat township in Tanjong Malim and Kulim Hi-Tech Park mixed development), and Plantation/Agriculture (tropical fruit cultivation and freshwater aquaculture supporting agrotourism initiatives). The company exports approximately 70% of insulation products to Oceania markets (Australia and New Zealand) and is a leading insulation producer in Southeast Asia.

Differentiator

Problem solved

Functional benefit

Products and services

• Glass Mineral Wool Insulation Glass mineral wool insulation products manufactured from recycled glass, used for thermal and acoustic insulation in residential, commercial and industrial buildings. Primary product of PGF Capital, contributing approximately 99.6% of group revenue in FY26.
• Mineral Wool Sandwich Panels (Centria distribution) High-performance mineral wool sandwich panels distributed exclusively through partnership with Centria International. Provides thermal insulation, fire resistance, soundproofing and durability for data centres and industrial buildings, and is SIRIM and BOMBA certified.
• Melt-Blown Non-Woven Fabric Non-woven fabric manufactured through melt-blown technology using ultra-fine polypropylene fibre, used as the filtration medium in N95, KN95 and three-ply surgical face masks and other filtration applications. Initiated during COVID-19 through subsidiary Concrete Energy Sdn Bhd.
• Diamond Creeks Country Retreat Integrated Township Integrated township development on 1,311.15 acres of leasehold land in Tanjong Malim, Perak, comprising residential, commercial, agricultural plantation, freshwater aquaculture and eco-tourism components. Phase 1 offers 1,808 units with GDV RM600 million; total estimated GDV RM3 billion.
• Nexel Development KHTP Mixed Development

Quantifiable outcome

• Energy savings of up to 45% on ceiling insulation costs through Victorian Energy Upgrades programme
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Nexel Development KHTP Sdn BhdcoreStrategic or Co-development Partner · 10 December 2024Joint venture company in which PGF Capital holds 50.1% stake, alongside Malvest Group Sdn Bhd with 10.0% stake, for undertaking the RM600 million mixed development project in Kulim Hi-Tech Park. The project includes condominiums, hotel, serviced residences and commercial elements to serve the expanding tech hub.
• Centria Building Material Manufacturing (Shanghai) Co., Ltd.coreChannel Partner/ Reseller/ Distributor · 17 July 2024Five-year distributorship agreement granting PGF Global Distribution Sdn Bhd exclusive rights to distribute Centria International's mineral wool sandwich panels in Malaysia, with rights to expand to Australia, New Zealand and Singapore markets. Centria has been a leader in metal building products since 1906.
• DRB-Hicom Bhd / Zhejiang Geely Holding Group Co LtdminorOthers · 27 September 2023Strategic adjacency partnership - While not direct partners, DRB-Hicom and Geely's Automotive High-Tech Valley (AHTV) development in Proton City adjacent to PGF's land creates indirect strategic value for the Diamond Creeks Country Retreat township development.
• Malvest Properties Sdn BhdcoreStrategic or Co-development Partner · 3 January 2023Joint venture partner with PGF Capital for Phase 1 of Diamond Creeks Country Retreat township development in Tanjong Malim. Malvest is a Penang-based property developer with 35 years of experience and over 4,900 units completed in Penang and Kelantan.

Scale indicators12 records

Recent moves11 records

Expansion highlights12 records

Regional players

• Boral Limited: Australian building materials company (now owned by Seven Group Holdings) with insulation, plasterboard, and construction products. Comparable geographic focus on Australian building materials markets with similar customer base in residential and commercial construction.
• James Hardie Industries: Australian-listed global leader in fibre cement building products with strong presence in Australia, New Zealand, and North America. Comparable as a building materials company serving similar geographic and customer segments, though focused on a different product category (fibre cement siding versus insulation).
• Fletcher Building: New Zealand-listed building products manufacturer with insulation products serving Australasian markets. Directly comparable in serving the same geographic region (NZ/Australia) and construction sector with similar building materials products.
• CSR Limited: Australian-listed building products company manufacturing insulation, plasterboard, and other construction materials under brands including Bradford Insulation. Directly comparable in serving Australian construction markets with glass wool and other insulation products, and competing for the same NCC-driven energy efficiency demand.

Direct peers

• Kingspan Group: Global leader in high-performance insulation panels and building envelopes. The Centria mineral wool sandwich panel partnership with PGF overlaps with Kingspan's insulated panel business, making them directly comparable in the high-spec data centre and industrial insulation panel segment.
• Rockwool International: Global leader in stone wool insulation manufacturing with similar product portfolio to PGF's glass mineral wool insulation. Operates manufacturing facilities across multiple continents and serves construction and industrial markets with comparable insulation solutions for thermal, acoustic, and fire safety applications.
• Johns Manville: Berkshire Hathaway-owned manufacturer of insulation products including mineral wool and glass wool, serving industrial, commercial, and residential construction markets. Directly comparable as a fellow insulation manufacturer with similar product technology and customer focus on building energy efficiency.
• Knauf Insulation: Major manufacturer of mineral wool and glass wool insulation serving global construction markets. Directly competes with PGF in glass wool insulation products with comparable technology, customer segments (construction and industrial), and similar building code-driven demand drivers.

Broad incumbents

• Owens Corning: Large US-listed building materials company with significant insulation operations including mineral wool. While broader in scope with roofing and composites, Owens Corning's insulation segment competes directly with PGF in construction insulation markets and is comparable in scale and technology.
• Saint-Gobain: Major French-listed building materials group with significant insulation operations including the Isover glass wool brand. While much broader than PGF (operating across 70+ countries), directly comparable in insulation manufacturing and Oceania market presence through its regional subsidiaries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pgf-capital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PGF Capital Berhad