KUALA LUMPUR (Dec 10): Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) of Prestariang Bhd for the rest of the day.

Bursa said the suspension came after the last done price of the stock dropped more than 15 sen or 15% from the reference price.

"The PDT and IDSS activities will only be enabled on Tuesday, Dec 11 at 8:30am," it added.

Earlier today, Prestariang said it 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.

In 2017, the government appointed Prestariang's subsidiary Prestariang SKIN Sdn Bhd to implement the replacement for the Malaysian Immigration System (myIMMs) by 2020.

"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 any update in relation to the above," it said in a Bursa filing today.

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

Prestariang's shares fell to an intraday low of 30 sen before settling at 31.5 sen, down 14 sen or 30.77%, at 4.28pm, with 28.34 million shares done, before trading in its shares was halted. Its market capitalisation stood at RM183.28 million.