No notice of default from government yet, says Prestariang

KUALA LUMPUR: Prestariang Bhd says the company has not received any notice of default from the government relating to the cancellation of the Immigration Department’s RM3.5 billion National Immigration Control System (SKIN) concession.

“The board of directors of Prestariang wishes to clarify that as at the date of this announcement, Prestariang SKIN is not in default of the concession agreement and has not received any notice of default from the government of Malaysia.

“In relation thereto, Prestariang SKIN will seek clarification from the government on this matter and will make the necessary announcement once there is an update in relation to the above,” it said in a filing to Bursa Malaysia today.

In 2017, the government appointed Prestariang’s subsidiary, Prestariang SKIN Sdn Bhd, to replace the Malaysian Immigration System (myIMMs) by 2020.

It was earlier reported that Home Minister Muhyiddin Yassin said the government would cancel the SKIN concession to make way for the development of a new system that is comprehensive, effective and user-friendly.

Following the news, Prestariang’s shares fell 7.5 sen or 16.48% to 38 sen as at 3.02pm, with 19.77 million shares transacted.