Posted by Bemillion > 2020-06-13 11:17 | Report Abuse

Miz raya...you great for sharing ......

Posted by Bemillion > 2020-06-13 11:22 | Report Abuse

To recap last year and up to present the situation of Presbhd yo yo tussle with the gov

DGE – PUTRAJAYA (June 10): The government has lost its bid at the Court of Appeal to have Prestariang Bhd’s RM733 million legal action be converted from an originating summons (OS) into a writ.

Prestariang filed the action to claim the amount from the government in 2019 following the termination of the national immigration control system (SKIN) project.

An OS is a simpler and swifter method to resolve legal disputes as it would be determined based on affidavits filed, as compared to a writ where it is a civil action involving substantial disputes of fact and normally witnesses would be called to court to testify and be cross-examined by the other side.

With the appeals court’s decision today to dismiss the government’s application, the matter will proceed for trial at the High Court in Kuala Lumpur from July 1 to 3.

“The bench is unanimous that there is no merit in the appeal. The appeal is dismissed,” said Justice Datuk Lau Bee Lan.

The other members on the bench were Justices Datuk Lee Swee Seng and Datuk Hadhariah Syed Ismail.

The court also ordered the government to pay RM2,000 in costs to Prestariang.

Senior federal counsel Abdul Hanir Hambali told the court that the government was disputing the entire amount in the formula calculated by Prestariang, and as such it was appropriate that the OS be converted into a writ when the matter goes on trial.

“The formula [of calculating damages in Prestariang] is not acceptable as it does not test on work done,” he said, stressing that the quantum sought was unreasonable according to that formula.

“The amount is exorbitant and in our view it constitutes a penalty [on the government]. For this reason, we would be calling our expert witnesses and also we would like to cross-examine their witnesses,” he added.

Prestariang’s counsel Datuk Lim Chee Wee said liability in this case was undisputed and the rightful quantum was the only issue to be determined.

“The quantum can be assessed based on affidavit evidence with cross-examination if necessary. We are allowing our witnesses to be cross-examined and hence there is no reason to change into a writ,” he added.

Citing case laws in a Singapore case, Lim said alleged disputed facts alone were not enough for conversion from an OS to a writ.

He submitted that there was no error in the High Court judge’s decision.

Prestariang had filed its suit through its unit Prestariang SKIN Sdn Bhd. The amount sought was based on the contractual formula provided for in the concession agreement (CA).

Prestariang decided to file the suit as the two sides were unable to reach an agreement on the quantum to be paid by the government after engaging in a few rounds of negotiation.

Prestariang SKIN secured the RM3.5 billion SKIN project in August 2017 from the previous Barisan Nasional government. The project involves a 15-year concession to design and maintain a new immigration and border control system.

On Dec 10 last year, the Pakatan Harapan government announced that the Cabinet had decided to scrap the project in favour of a new system that would save government funds.

The concession involved a three-year build and deployment phase and a 12-year maintenance and technical operation phase. Payment by the government to Prestariang SKIN was to commence upon the full commissioning of the system with an average annual payment of RM294.7 million.

“Prestariang wishes to reiterate [that] its unit has never defaulted on the CA. Despite the agreement for a 15-year concession, the government unilaterally terminated the CA by way of expropriation, which took effect on Jan 22, 2019. Prestariang SKIN strongly believes that the CA was fair and reasonable,” the group said in a statement when it filed the suit.

FACTS – Originating Summons
Originating Summons (OS) is one of the two modes in commencing a civil action. An action is commenced by an OS when (1) it is required by a statute or (2) a dispute, which is concerned with matters of law, is unlikely to be any substantial dispute of fact. An Originating Summons may be in Inter partes or Ex-parte of the Rules of Court. OS is heard based on affidavits filed in support. OS cases are heard by registrars or judges in chambers or in open Court. A judicial decision is made by hearing the lawyers and assessing the affidavits filed either in support of or in opposition to the OS. Witnesses may be called to give testimony and pre-trial conferences may or may not be conducted. An application can be made to convert an OS into a Writ at any stage of proceedings. Alternatively, the Registrar or Judge can decide to convert an OS into a Writ without any application from the parties. Once the decision to convert has been made, the steps relating to a Writ applies. The Registry will assign a new Suit Number to the proceedings and a pre-trial conference will be called for the service of the Statement of Claim

Posted by Bemillion > 2020-06-13 11:23 | Report Abuse

The key essential facts .

Prestariang wishes to reiterate [that] its unit has never defaulted on the CA. Despite the agreement for a 15-year concession, the government unilaterally terminated the CA by way of expropriation, which took effect on Jan 22, 2019. Prestariang SKIN strongly believes that the CA was fair and reasonable,” the group said in a statement when it filed the suit.

Posted by Bemillion > 2020-06-13 11:33 | Report Abuse

More +++ News for Technology Sectors.

Prepare for digital economy

By Bernama | 2020-06-12 19:38:28
PUTRAJAYA (June 12): Malaysia today shared its key digital initiatives in combating the spread of Covid-19 with ASEAN member countries and China at the online opening ceremony of ASEAN-China Year of Digital Economy Cooperation.

Presenting the initiatives via teleconferencing, Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin shared with the online forum on the development of e-Covid-19, a dedicated platform to collect information about Covid-19 patients which is equipped with dashboard and data analysis, to assist the Crisis Preparedness and Response Centre (CPRC) and ease the load of frontliners.

“We (Malaysia) look forward to greater collaboration and cooperation between ASEAN and China to share best practices and to support one another as we combat the pandemic and *accelerate the digital economy* post-Covid 19,” he said.


He also shared on the development of DoctorOnCall platform, Malaysia’s online medical video-consultation platform that combines advanced video and voice technologies with the medical experience of Malaysia’s top doctors, and a contact tracing mobile application, Gerak Malaysia, to allow enforcement authorities to give permission and monitor those who need to travel interstate.

He also shared with the forum on the National Economic Recovery Plan or PENJANA which among the objectives was to stimulate business and people's economy, which include initiatives to boost digital business.

Other initiatives taken by Malaysia include digital skills development, helping micro small and medium enterprises migrating to online business platform, intensified the use of cashless payment systems and delivery of government services through online platforms, he said.

Source. The Edge

Posted by Bemillion > 2020-06-13 11:35 | Report Abuse

For reading and decision making....Have good weekends...durian seasons guy .....

Posted by PresidentRotiCanai > 2020-06-13 12:37 | Report Abuse

Very strong support at 0.295.. Upside is the sky, lets fly..

Posted by Huat huat 2020 > 2020-06-13 12:40 | Report Abuse

After 1 b cash... company can easily M&A...

Even put in bank also get 2.8% per annum around 30m / year ...

Why scared at current price where presbhd more than rm 2 previously?

Posted by Rishi > 2020-06-13 13:57 | Report Abuse

RoboTop; can we pm at the side on i3; It seems you are holding tightly in this stock with me;

plus i wonder how you came with this valuation : Based on valuation, if Presbhd is awarded RM730 mil.....its share price is worth RM1.06

Posted by Huat huat 2020 > 2020-06-13 14:08 | Report Abuse

Guys , please hold tight for another 2 weeks. You wont be disappointed.

Posted by handsome5555g > 2020-06-13 14:17 | Report Abuse

This is Rm 1 counter. Deeply undervalued

Posted by Huat huat 2020 > 2020-06-13 14:53 | Report Abuse

Once gotten the cash repayment. The strategy by the company also play a crucial role.

Posted by Huat huat 2020 > 2020-06-13 15:00 | Report Abuse

Min scenario of 700m can translate to 1.44 / share...

We shall anticipate special dividend too...

A look promising deal

Posted by RoboTop > 2020-06-13 17:23 | Report Abuse

By and large...market was extremely weak last Friday and most stocks took a heavy beating after taking a cue from overnight fall of over 1800 pts on Wall Street. Investors at Bursa became irrational and they simply dumped their stocks at a loss without any hesitation at all. However...Presbhd bucked the downward trend and apparently went up instead...after briefly went down to 29c and eventually managed to close at its highest of the day @ 33.5c. This itself shows the strong resilience of the stock.

Based on the current technical analysis.....
The 20MA & 30MA have already crossed the 50MA & 100MA and now on the way to cross the 200MA. This is a bullish signal that Presbhd is going to go up further in the weeks ahead. When the 30MA crossed the 100MA last wk....it indicates that the share price is likely to test the 44c level next week....and when it crosses the 200MA after that it is almost certain that the stock will try to reach its target of 54.5c in the week after....ie by end of the month.
MACD and Momentum are also giving positive bullish signs. The RSI is clear of the overbought region and last but not least the Stochastics are showing a clear signal that the uptrend for Presbhd has just started. So..all in all....based on the technical analysis....Presbhd is right on target to break > 50c level by end of the month as I have mentioned earlier on.
I reckon...once the court case result is announced on the 3rd July....who knows...maybe we could get our windfall when the share price Limits Up....;)))
I wish you guys all the best and lets make a fortune together.
Have a pleasant wkend...Cheers!

Posted by cicakman > 2020-06-13 17:55 | Report Abuse

Robocop
Thanks for your analysis.

Posted by Bemillion > 2020-06-13 18:06 | Report Abuse

Yes nice elaboration...Robo....trades with bullets gents not to forget your bullet proof vests . Gud luck me ..you..all press bhd fighters

Posted by Huat huat 2020 > 2020-06-13 18:29 | Report Abuse

Let's fight all together... wait for the limit up day.

Posted by Bemillion > 2020-06-13 18:39 | Report Abuse

Hajaà...durian trip. ... Segamat run

Posted by zerocool7199 > 2020-06-13 18:50 | Report Abuse

Next week should cross to new high

Posted by RoboTop > 2020-06-13 19:58 | Report Abuse

Here's the deal.....
Lets say... on the 3rd of July...the court decides that the GOM must pay Presbhd a conservative figure of RM733 mil in compensation....
Then...
The share price roughly works out to be;
733mil /483mil
RM1.52

Posted by RoboTop > 2020-06-13 20:23 | Report Abuse

Yes....nx week should test new high with TP 44c

Posted by Huat huat 2020 > 2020-06-13 20:33 |

Post removed.Why?

Posted by BK6088 > 2020-06-14 10:23 | Report Abuse

I bought this share average at 0.500, still not sure if should keep. New in this forum.

Posted by Huat huat 2020 > 2020-06-14 11:00 | Report Abuse

@Bk6088 , I would advice you to buy at current price to average down yr position.

Exit only when news come out on the compensation. It is just 2 more weeks !

It is going to be very exciting next week onwards.

Posted by BK6088 > 2020-06-14 13:03 | Report Abuse

@Huat Huat 2020, thanks for your advice. Appreciate...hope i can huat huat like ur nick. Huat ah

Posted by Rishi > 2020-06-14 14:09 | Report Abuse

@Bk6088, not bad you still have the guts to hold it even though it got dropped till around 10cent.

Posted by BujangSenang > 2020-06-14 14:10 | Report Abuse

BK6088: Me too bought at 0.500 since last year. Just keep and close my eye. Que sera sera

Posted by Bemillion > 2020-06-14 14:16 | Report Abuse

Be patience.....

Posted by Huat huat 2020 > 2020-06-14 15:25 | Report Abuse

Be patience ... it is going to be BIG hehe.

Coming week will traded above 40c. Early birds get the worm

Posted by cicakman > 2020-06-14 16:54 | Report Abuse

I bought at 0.50 crs too.
It will be the right time start collecting and average.

Posted by Huat huat 2020 > 2020-06-14 16:56 | Report Abuse

Seem like many has an avg of more than 50c ! Bro and sis, believe me , current price is very safe for entry to avg down yr price . Buy while it is still can !

Posted by Huat huat 2020 > 2020-06-14 16:59 | Report Abuse

Why fear at current price while compensation is up to RM 1.5 / share ? Do you know presbhd was traded above RM 2 previously? But due to the cancel of project , it was then in RED.

Current government was the previous government that awarded Presbhd with SKIN project. They might compensate and award Presbhd with new IIS project.

Posted by handsome5555g > 2020-06-14 19:05 | Report Abuse

Like i said earlier this counter is really undervalued right now. Grab fast while its still below 40 cents

Posted by Bemillion > 2020-06-14 19:33 | Report Abuse

True

Posted by BK6088 > 2020-06-14 19:42 | Report Abuse

Can contra this week?

Posted by Cooldrkx > 2020-06-14 19:44 | Report Abuse

Huat Huat 2020, for new entry how much would you advice to enter?

Posted by Cooldrkx > 2020-06-14 19:46 | Report Abuse

If the court verdit materialise the book result for sure will turn green immediately.

Posted by BK6088 > 2020-06-14 19:48 | Report Abuse

Cooldrkx, thanks for asking. I think huat huat can be our fortune god this week.

Posted by handsome5555g > 2020-06-14 20:19 | Report Abuse

Contra players pls get out from this counter. Our target is Rm 1 and even if it drops we are willing to collect more to average. Hold tight

Posted by pfsurewin > 2020-06-14 20:28 | Report Abuse

handsome - do you think contra player can shake the stocks price with such big daily volume? you ask operator to be generous enuf to push to rm1 la...that sound better...

Posted by cicakman > 2020-06-14 22:16 | Report Abuse

Can gap up 2 bids at least.
Just predictions , play will be around 36.5
will hit 39 cts at the end.

Posted by Huat huat 2020 > 2020-06-14 22:53 | Report Abuse

Let's see how many times of limit up... that once my ultimate aim. I dont care of short term fluctuation as it is just another 2 weeks to know the compensation!

Posted by birkincollector > 2020-06-14 22:54 | Report Abuse

government got money to pay back meh? may be give a portion of NISS to presbhd more likely as compensation lol

Posted by Legend > 2020-06-14 22:59 | Report Abuse

Never in history Gov pay cash to company.

Posted by RoboTop > 2020-06-14 23:29 | Report Abuse

@Legend.....
1. The govmnt paid RM257.4 mil cash as compensation to Gerbang Perdana as a result of the cancellation of the crooked bridge before.
2. The govmnt proceeded with the ECRL & MRT projects to avoid paying billions in compensation to the Chinese govmnt.

Posted by handsome5555g > 2020-06-14 23:44 | Report Abuse

Guys, yes i agree the current govt may not pay back the compensation as cash but they may compensate Presbhd by giving out contracts that's worth as much as the compensation amount.

To @ Huat huat 2020
Let's go bro. Don't care about the fluctuations. Just two weeks more. Those who perservere will HUAT big !

Posted by RoboTop > 2020-06-14 23:47 | Report Abuse

@handsome.......True.

Posted by Christiano88 > 2020-06-15 00:17 | Report Abuse

Hope presbhd can go back RM 1.00

Posted by Legend > 2020-06-15 00:20 | Report Abuse

Regardless the virus..the market needed to come down.

Posted by Huat huat 2020 > 2020-06-15 08:06 | Report Abuse

Let's see some movement today with opening 345... it will slowly move to 40c

By end of June it will likely traded around 60c
After july 3 ... it will be above rm 1 ...

After july 3 ... limit up kaw kaw... you decide yrself ? Dont believe let's see...

I look for GEM before it is polished by others hahaha !

Posted by Bemillion > 2020-06-15 08:24 | Report Abuse

Legend. Pls do not mislead..us.....
Statement uttered must back up with facts..like u said gov never pay cash .....history... Mislead

2. Markt need to come down...... Come on legend... Traders here are not naive.....we want something outside the box views and facts not that of already norml... Markt up down u dont hve to tell us about it..surely traders are in the know.....what we re interested like SP level, exit entry point analysis, break even...sentiment thst drives the up down stock , global influence, catalyst gov incentive tin Tech sector etc.... Huat huat input is superb..........tq huat huat you re very helpful and constructive indeed.....