Prestariang active, falls 7.55% on SKIN project termination

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KUALA LUMPUR (April 16): Shares in Prestariang Bhd fell 7.55% in active trade this morning after it filed a legal claim of RM732.86 million against the Government over the termination of the National Immigration Control System (SKIN) project.

At 9.05am, Prestariang lost 4 sen to 49 sen with 11.02 million shares traded.

Prestariang said the amount, claimed by its unit Prestariang Skin Sdn Bhd (PSKIN), is based on the contractual formula provided for in the concession agreement.

PSKIN decided to file the suit as the two sides were unable to reach an agreement on the quantum to be paid by the Government after engaging in a few rounds of negotiations.