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Prestariang gets RM978m financing from Bank Pembangunan Malaysia for SKIN project
26 Sep 2018
Neily Syafiqah Eusoff
The Edge Markets

KUALA LUMPUR (Sept 26): Prestariang Bhd has obtained loan facilities totalling RM978.38 million from state-owned Bank Pembangunan Malaysia Bhd (BPMB) for the implementation of the Immigration Department's Sistem Kawalan Imigresen Nasional (SKIN) or National Immigration Control System.

In a bourse filing, Prestariang said its subsidiaries Prestariang SKIN Sdn Bhd (PSKIN) and Prestariang Services Sdn Bhd (PServices) have entered into facility agreements with the government's wholly-owned development financial institution.

Prestariang said BPMB will offer a tawarruq financing facility of RM869.38 million to PSKIN which comprises facilities amounting to RM854.68 million (TWQ1) and RM14.7 million (TWQ2), and RM109 million to PServices.

The PSKIN facility will be used to finance the acquisition of assets for the planning, design, development, customisation, supply, delivery, installation, configuration, integration, interfacing, testing, commissioning, maintenance and transfer of SKIN pursuant to the concession agreement (CA) dated Aug 9, 2017 executed between the Malaysian government and PSKIN.

Prestariang said the tenure of TWQ1 is for up to 13 years, and TWQ2 up to four-and-a-half years from the date of the first disbursement of the facility or upon receipt of reimbursable costs from the government under the CA.

It said the facility offered for PServices will be used to part finance its contribution towards the SKIN project; its tenure is up to eight years from the date of the first disbursement of the facility.

Owing to the loans, Prestariang expects its gearing ratio to increase to 6.1 times from 0.14 times.

On April 10, Prestariang said it has fulfilled all the conditions precedent of a CA entered into with the Home Affairs Ministry. The CA was signed on July 18 last year.

The CA 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.

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.

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 method.

Prestariang closed 4.5 sen or 4.62% higher at RM1.02, for a market capitalisation of RM491.95 million.

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