News

INTRODUCTION
Prestariang is pleased to announce that its wholly-owned subsidiary, Prestariang Systems Sdn Bhd (“PSSB”), has received and accepted a Letter of Award from Menteri Besar Selangor (Pemerbadanan) (“MBI”) to develop and implement the SELANGOR KERJAYA PROGRAM (“Contract”).

INFORMATION ON THE CONTRACT
The Contract comprises provision of skills training and job placement for 10,000 Malaysians having residence in Selangor or having graduated from learning institutions in Selangor. The scope to be undertaken by PSSB includes, among others, to recruit, train and organise job placements for job seekers residing in Selangor and graduates from learning institutions in Selangor. The Selangor Kerjaya Program is a key state program where PSSB will not only provide training and job placements for job seekers but also provide Selangor state government with analytics and intelligence that will give the State a strategic advantage over its peers and will improve employment opportunities of its residence in future.

The Contract commences from 1 November 2020 with 2 months of mobilization period and will end 36 months thereafter, or any other extended date as approved by MBI.

FINANCIAL EFFECTS
The total value of the Contract will depend on the actual number of candidates that PSSB successfully trained and provide job placements during the Contract period. Prestariang management estimates that the value of the Contract could be approximately RM50 million based on the agreed work program. The Contract is expected to contribute positively towards the earnings and net assets per share of Prestariang Group for the duration of the Contract.

RISK FACTORS
Risk factors affecting the Contract include, but not limited to, execution risks such as availability of skilled manpower and cost for manpower and tools required to perform the Contract. Prestariang Group has, throughout the years, established its track record and expertise to mitigate execution risks for such projects.

The Contract may also be subjected to external risk factors such as the global, regional or national economic or health crisis.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and/or major shareholders and/or persons connected with them has any direct or indirect interest in the Contract.

This announcement is dated 3 November 2020.

Announcement Info