News

We refer to the announcements made on 20 November 2015, 24 November 2015, 26 November 2015, 18 November 2016, 13 July 2017, 18 July 2017, 8 February 2018 and 10 April 2018 in relation to the implementation of an integrated and comprehensive core immigration system known as ‘Sistem Kawalan Imigresen Nasional’ (“SKIN”).

1.         INTRODUCTION

The Company wishes to announce that today, the following subsidiaries of PRESBHD, have entered into facility agreements with Bank Pembangunan Malaysia Berhad for the facilities set out below (collectively “Facilities”):

(i) Prestariang SKIN Sdn Bhd (“PSKIN”) for a Tawarruq Financing Facility amounting to RM869,377,000 (“PSKIN Facility”) comprising TWQ1 Facility of RM854,677,000 (“TWQ1”) and TWQ2 Facility of RM14,700,000 (“TWQ2”); and

(ii) Prestariang Services Sdn Bhd (“PServices”) for a Tawarruq Financing Facility amounting to RM109,000,000 (“PServices Facility”).

2.         DETAILS OF THE FACILITIES

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 dated 9 August 2017 (“Concession Agreement”) executed between the Government of Malaysia (“Government”) and PSKIN  (“Project”). The tenure of TWQ1 will be up to 13 years from the date of first disbursement of the PSKIN Facility, and the tenure of TWQ2 will be up to 4 ½ years from the date of first disbursement of the PSKIN Facility or upon receipt of reimbursable costs from the Government under the Concession Agreement, whichever is the earlier, subject to the terms and conditions as set out in the PSKIN Facility.

The PServices Facility will be used to part finance PServices’ contribution towards the Project. The tenure of the PServices Facility will be up to 8 years from the date of first disbursement of the PServices Facility, subject to the terms and conditions as set out in the PServices Facility.

3.         FINANCIAL EFFECT OF THE FACILITIES

(a) Share Capital

The Facilities will not have any effect on the share capital of PRESBHD and the shareholding of the substantial shareholders of PRESBHD.

(b) Net Assets

The Facilities will not have any material effect on the net assets of the PRESBHD and the Group based on its latest audited consolidated balance sheet as at 31 December 2017.

(c) Earnings

The Facilities will not have any material effect on the earnings of the PRESBHD and the Group for the financial year ending 31 December 2018.

(d) Gearing

The Facilities is expected to increase the gearing of the PRESBHD Group from 0.14 times to 6.10 times.

4.         INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED

Dr. Abu Hasan Bin Ismail, who is a director and major shareholder of PRESBHD, is also interested in PServices and PSKIN by virtue of his interests in Halaman Kapital Sdn Bhd. Halaman Kapital Sdn Bhd is a shareholder of PServices.

Save as disclosed above, none of the Directors and/or major shareholders of PRESBHD and/or persons connected with them has any interest, direct or indirect, in the Facilities.

5.         DIRECTORS’ RECOMMENDATION

The Board of Directors of PRESBHD, after having considered the Facilities, is of the opinion that the Facilities are in the best interest of the PRESBHD and the Group.

This announcement is dated 26 September 2018.