PETALING JAYA: Businessman Brahmal Vasudevan has ceased to be a substantial shareholder of e-government service provider Prestariang Bhd .
In a filing with Bursa Malaysia yesterday, the company said Brahmal had disposed of 22 million shares in the company, reducing his stake to 1.66% from 4.56% on Wednesday.
The founder and chief executive officer of private equity firm Creador Sdn Bhd first emerged as a substantial shareholder in Prestariang back in November 2016.
Since then, the stock has plunged 85%.
Once a darling of investors, Prestariang has fallen out of favour since May, 2018 following the defeat of Barisan Nasional in the general election.
The new government, last month, terminated the company’s RM3.5bil Sistem Kawalan Imigresen Nasional (SKIN) border control concession,