CYBERJAYA: Prestariang Bhd does not rule out the possibility of a cash call to address the cash flow concerns raised by its auditors.
“We are looking at all options, if there is a good basis and rationale we will do it but we won’t just put out a cash call. It’s all about investing in the future,“ said group president and CEO Dr Abu Hasan Ismail after its AGM today.
The group clarified that negative cash flow concerns were due to its investment in the National Immigration Control System (SKIN) that was terminated.
Prestariang COO Baldesh Singh said the group is no longer investing in SKIN on an ongoing basis and all the staff related to the project have been let go.
“Hence, the problem has gone away in that respect but unfortunately it has tied up a lot of our capital,“ he explained.
source https://www.thesundaily.my/business/prestariang-weighing-cash-call-option-to-address-cash-flow-concerns-YE1666625
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