Prestariang says unaware of potential revival of SKIN as share price soars

PETALING JAYA: Prestariang Bhd’s rose as much as 35.23% to a high of 59.5 sen today from its closing price of 44 sen on Wednesday, on news of the potential revival of the National Immigration Control System (SKIN) project.

However, Prestariang told Bursa today that it is not aware of the potential revival or reinstatement of the SKIN project and will make the necessary announcements once there is any material development in relation to the project.

The stock traded between 47.5 sen and 59.5 sen before closing 22.73% higher at 54 sen torday with a total of 62.12 million shares traded. It was the fourth most active stock and among the top gainers on the bourse.

On Wednesday, Bloomberg reported that Kumpulan Wang Persaraan (Diperbadankan) (KWAP) is seeking to revive the RM3.5 billion SKIN project by offering to lower the cost to the government.

Quoting sources, Bloomberg said that KWAP has proposed to cut the cost of the project by 17% to RM2.89 billion and to increase its stake in Prestariang if the project is revived.

The cancellation of the SKIN project was announced in December last year and took effect on Jan 19, 2019. With a 70% stake in the project, Prestariang had expressed its intention to claim compensation from the termination.

Source: The Sun Daily

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