Brahmal no longer substantial shareholder of Prestariang

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KUALA LUMPUR (Jan 18): Investor Brahmal Vasudevan has ceased to be a substantial shareholder of e-government service provider Prestariang Bhd.

In a bourse filing today, Prestariang disclosed his shareholding had reduced to approximately 1.66% following a disposal of 22 million shares or a 4.56% stake on Jan 16.

Prior to that, Brahmal had disposed of one million shares on Aug 29 last year, which left him with 30 million shares or a 6.22% stake.

Brahmal’s exit comes amidst the Government’s decision in December to terminate a national immigration control system (SKIN) project, in which the group holds a 70% stake.

Prestariang’s share price closed 1.5 sen higher at 34 sen today, valuing the company at RM163.98 million. The counter has lost a massive 81% of its value over the past 12 months.