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Tripoli, 17 June 2013:
Undeterred by previous losses, Malaysia’s Protasco Bhd, a mid-sized integrated infrastructure company, is returning . . .[restrict]to Libya after halting operations there due to a revolution, StarBiz reports.
Group managing director Datuk Chong Ket Pen said the company was restarting business in Libya at end-June after exiting the country two years ago.
“We have written off RM20 million (US$6 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,” Chong said.
He said Protasco’s operations in Libya had been profitable until the revolution interrupted its business. Libya is currently undergoing political reconstruction.
“We tend to gain than lose, given that we have written off all our provisions in the past two years. There will be no more losses,” Chong said, adding that it was also seeking compensation from the Libyan government.
He said the firm still had some RM60 (US$18) million worth of jobs from two contracts in Libya to be done.
“It will be good if we can get some compensation. We are seeking compensation for loss of income and depreciation of machines,” Chong said.
In the past, analysts have pointed out that Libya was a promising market for Protasco. Libya was once touted as the next gold mine for Protasco to strengthen its order-book before the revolution happened.
On Protasco’s overseas projects, Chong said the group would continue to seek opportunities in other countries to sustain growth.
“We will focus on countries within a four-hour flight zone. It is easier for us to manage,” he said. [/restrict]
