Thursday 28 Mar 2024
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KUALA LUMPUR (March 7): Prestariang Bhd has clarified it is not aware of any potential revival or reinstatement of the RM3.5 billion national immigration control system (SKIN) project.

“The company will make the necessary announcements once there is any material development in relation to [the] SKIN project,” it said in a stock exchange filing today.

Yesterday, Bloomberg reported that Kumpulan Wang Persaraan Diperbadankan (KWAP) is seeking to revive the project by offering to lower the cost to the government.

Shares of Prestariang climbed as much as 11.5 sen or 24.21% to 59 sen today, on the news. It later pared gains to close at 54 sen, giving it a market capitalisation of RM261.36 million.

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%.

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