Protasco returns to Libya
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com
Tuesday, 01 October 2013 12:13
KUALA LUMPUR (Oct 1): PROTASCO BHD  has returned to Libya and the builder is planning to resume its infrastructure work there this month, said group managing director Datuk Chong Ket Pen.
Chong said Protasco had left the North African country in 2011. Today, he told reporters after the company's extraordinary general meeting that the Libyan government has made its first payment to Protasco for the company to restart work there.
"We have lost about RM40 million in Libya previously," Chong said.
Commenting on the amount that has been paid, Chong said that the Libyan government owes Protasco a couple of million. "They gave us a sufficient amount to start our work," he said.
Meanwhile, Chong said if Protasco pulls out from Libya totally, the firm which is also a property developer will have no chance to recover its loss.
"The only way for us to recover is to continue to operate there, but I'm not coming up with any dollar from Malaysia," he said.
He said that the company has 35% of work uncompleted with claims that have not been paid by the Libyan government.
"We will use the money that we get from them as capital to restart work," said Chong.
Apart from its existing infrastructure work, Protasco expects to take up some bridge-repair jobs in Libya, said Chong.
"Hopefully, we will be able to recover all our losses and at the same time start generating money from there," he said.
Publish date: 01/10/13