News

The Company wishes to announce that Prestariang SKIN Sdn. Bhd. (“PSKIN”), a wholly-owned subsidiary of Prestariang Services Sdn. Bhd., which in turn is a subsidiary of the Company has on 24 August 2020 made an application, pursuant to section 366 of the Companies Act 2016 (the “Act”), for a proposed scheme of arrangement between PSKIN and its scheme creditors pursuant to section 366 of the Act, to be put forward to the creditors at court convened meetings.

The purpose of the application is to preserve the going concern of PSKIN while it carries on with negotiations and legal action to seek compensation from the Government of Malaysia for the termination of the Sistem Kawalan Imigresen Nasional contract. The application, if granted, is not expected to have any material impact on the financial and operational matters of the Company and its subsidiaries (“Prestariang Group”). The details of the abovementioned proposed scheme of arrangement is in the process of being formulated.

The Company will make the relevant update announcement(s) in relation to the foregoing as and when there are material developments on the same.

This announcement is dated 24 August 2020.

Announcement Info