KUALA LUMPUR (April 10): Prestariang Bhd today said it has fulfilled all the conditions precedent of a concession agreement entered into with the Government of Malaysia to implement the Immigration Department’s Sistem Kawalan Imigresen Nasional (SKIN) or National Immigration Control System.
The concession agreement was signed on July 18 last year.
The agreement was inked by Prestariang SKIN Sdn Bhd (PSKIN) — a wholly-owned unit of Prestariang's 70%-owned subsidiary, Prestariang Services Sdn Bhd (Pservices) — with the Home Affairs Ministry.
The concession agreement was conditional upon PSKIN obtaining written notice from the government confirming that it has fulfilled the conditions precedent in the agreement within six months before the date of execution.
“Prestariang wishes to announce that PSKIN has received a letter from the Ministry of Home Affairs today, which confirms that PSKIN has fulfilled all the conditions precedent in the concession agreement (CA), and accordingly declares April 11, 2018 as the effective date of the CA,” the group informed in an exchange filing today.
PSKIN is the special purpose vehicle incorporated by PServices solely to undertake the 15-year concession. SKIN is a new border control system to replace the current Malaysian Immigration System or MyIMMs.
PSKIN will undertake the planning, design, financing, development, customisation, supply, delivery, installation, configuration, integration, interfacing, testing and commissioning of SKIN, as well as carry out maintenance services.
Prestariang was first announced as the main implementer of SKIN in November 2015 via a public private partnership using the build, operate, maintain and transfer (BOMT) method.
Prestariang’s shares closed 9 sen or 6.52% higher at RM1.47, with 1.06 million shares traded, giving the group a market value of RM708.98 million.