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Nexbis shares fall on Maldives deal uncertainty

Nexbis shares fall on Maldives deal uncertainty

Shares in mobile security solution vendor Nexbis (ASX:NBS) slumped 6% on Friday, following reports claiming its Maldives border security project has been frozen.

Local reports, quoting immigration controller Ilyas Hussein Ibrahim, stated that implementation of the Maldives Border Control System has been suspended pending an investigation by the local Anti-Corruption Commission.

In a statement, Nexbis said it had not been informed of any suspension of its contract with the Maldives Immigration Department and is currently seeking clarification.

The company insisted that the means through which it won the contract were both open and competitive.

Despite the assurance, NBS stock fell 6.3% during Friday's trading to $0.074, all but wiping out an 8.22% gain from Thursday.

Nexbis in October revealed it had wonthe 20-year contract through an open auction process.

The build, operate and transfer concession contract covered the design of an electronic border gate system, as well as entry and exit documents.

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Tags ASX:NBSsecurityNexBisbusiness deals

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