PETALING JAYA: Prestariang Bhd’s share price fell as much as 13.2% this morning after it filed a legal claim totalling RM732 million from the government for the termination of the National Immigration Control Systems (SKIN) project.
The stock opened lower at 50.5 sen this morning from its 53 sen closing price yesterday and fell as much as 13.2% or 7 sen to 46 sen during early trade. At midday, the stock was 7.55% lower at 49 sen with 64.94 million shares done, making it the second most actively traded stock on the bourse.
Yesterday, Prestariang said its subsidiary Prestariang SKIN Sdn Bhd (PSKIN) has filed a legal claim from the government for the termination of the RM3.5 billion SKIN project via expropriation after the two parties failed to reach an amicable settlement despite numerous rounds of negotiations.
PSKIN was to design, deliver, maintain and provide scheduled upgrades for an improved immigration and border control system for the Immigration Department Malaysia over a 15-year concession period but the government unilaterally terminated the contract by way of expropriation, effective Jan 22.