Protasco Returns to Libya

Malaysia-based Protasco Bhd, a mid-sized integrated infrastructure company, is to return to Libya at the end of June after halting operations in 2011 due to the revolution.

Group managing director Datuk Chong Ket Pen (pictured) told StarBiz:

We have written off RM20 million [$7 million] in provision in the past two years for our halted operations in Libya.

“Our machines are still there. We’ve been asked to start work by the government and our team has gone back a few times.

“… given that we have written off all our provisions in the past two years. There will be no more losses.

Chong added that the company was also seeking compensation from the Libyan government relating to losses and depreciation incurred as a result of the revolution.

He said the firm still had RM60 million worth of jobs from two contracts in Libya to be done.

Before the revolution, Libya was touted as the next gold mine for Protasco to strengthen its order-book.

(Source: StarBiz)

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