Nexbis shares drop after reports of suspension and ACC investigation
07 Nov 2010, 5:51 PM
Shares in the mobile security firm Nexbis, which won a contract to install a border security system in the Maldives, dropped 6.3 percent on Friday on the back of rumours that the project had been suspended.
The ‘build, operate and transfer’ concession contract covered the design of an electronic border gate system, as well as entry and exit documents, reported CFOworld.
The project was aimed at tackling the rising numbers of foreign nationals working illegally in the country, almost all of whom arrive via Male’ International Airport.
In a statement, Nexbis said it had not been informed of any suspension of its contract with the Maldives Immigration Department and was currently seeking clarification.
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