Prestariang up 20.45% on potential RM3.5b SKIN project revival

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KUALA LUMPUR (March 7): Shares in Prestariang Bhd rose as much as 20.45% in active trade this morning after news emerged of the possible revival of its national immigration control system (SKIN) project by the government.

At 11.05am today, Prestariang was trading up 9 sen or 20.45%, with 84.295 million shares changing hands.

Yesterday, Bloomberg reported that Kumpulan Wang Persaraan (Diperbadankan), or KWAP, is said to be seeking to revive Prestariang's RM3.5 billion SKIN project — a government project to build an immigration control system — by offering to lower the cost to the government.

KWAP proposed cutting the cost of the project by 17% to RM2.89 billion, and increasing its stake in Prestariang if the project is revived, according to Bloomberg's sources. The state pension fund has sold 12.6 million of the company's shares since SKIN's cancellation was announced on Dec 12, 2018 lowering its holdings to 5.27%, from 7.82%.