Prestariang Awarded Contract to Implement Selangor Kerjaya Program For 10,000 Job Seeking Malaysians
Prestariang Berhad (Prestariang), leading Technology and Talent Platform innovator, was awarded a contract by the MENTERI BESAR SELANGOR (PEMERBADANAN) to develop and implement the Selangor Kerjaya Program set to provide skills training and job placement for 10,000 job seeking Malaysians residing in Selangor.
Prestariang’s wholly owned subsidiary Prestariang Systems Sdn Bhd (PSSB) which received the contract will recruit, train and organise job placements for job seekers residing in Selangor and graduates from learning institutions in Selangor. The Contract will come to effect from 1 November 2020 starting with 2 months of mobilization period and will end 36 months thereafter. The contract has an estimated value of approximately RM50 million, of which, will be based on actual number of candidates successfully trained and placed.
“The said contract is a major win for Prestariang Group as it represents the first significant project for the Group in this space and provide a new platform for Prestariang to venture deeper into the talent and employability industry. This will supplement Prestariang’s existing core business of technology and licensing and open new opportunities for the Group to explore potential recurring income growth”, said Dr. Abu Hasan Ismail, President and Group Chief Executive of Prestariang.
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 is expected to contribute positively towards the earnings and net assets per share of Prestariang Group.
Prestariang’s Technology business in software distribution is adding to its product offerings to include other product principals such as Amazon, Google and SAP. Several key products and services offering from these new principals are actively being promoted to our clients as we adapt to the changing market trends and needs of our customers.
The Talent business of the Group continues to provide support to tech partners to drive customer adoption via training programs and converting conventional training programs into online training as a service or hybrid offerings supports the life-long learning journey while respecting social distancing rules. We remain confident that our offering of holistic talent services that includes recruitment, training, placement and talent management using technology such as talent profiling and matching will give us an edge in this space.
Corporate Exercise on Track to complete by November 2020
Prestariang has announced a Proposed Fund Raising Exercise, which was approved by the shareholders on 15 September 2020. The fund raising comprised of a Private Placement of 79.6 million shares at an issue price of RM0.35 per share together with detachable warrants and a Rights Issue of 1 for 3 at an issue price of RM0.20 per share with detachable warrants.
When completed, which is estimated to be by end November 2020, Prestariang hopes to raise a minimum amount of about RM38 million and a maximum of RM63 million for working capital to grow the Technology and Talent Divisions as well as improve our cash flow in anticipation of the challenging times ahead .
The Company is confident in its value proposition which Prestariang brings to its customers and is committed to deliver the results for its shareholders as the nation is on the path to rebuild its economy affected by the COVID-19 pandemic.