BUSINESS

PRESTARIANG GETS CONFIRMATION ON SKIN PROJECT TERMINATION

12/12/2018 07:06 PM

KUALA LUMPUR, Dec 12 (Bernama) – Prestariang Skin Sdn Bhd has received a letter from the Home Affairs Ministry confirming the government’s decision to terminate the National Immigration Control System (SKIN) project, effective Jan 19, 2019.

Prestariang Skin is a wholly-owned subsidiary of Prestariang Bhd.

In a filing with Bursa Malaysia today, Prestariang said its subsidiary was entitled to compensation in accordance with the formula set out in the concession agreement and would engage with the government for an amicable settlement in the interest of both parties.

“Depending on the final amount of compensation, the termination of the concession agreement may have a negative impact on the group’s 15-month financial period ending March 31, 2019.

"The actual financial impact can only be ascertained once Prestariang Skin's negotiation and discussion with the government is concluded,” it said.

-- BERNAMA

 


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