EPF re-emerges as substantial shareholder in MyEG

KUALA LUMPUR (March 6): The Employees Provident Fund (EPF) board has re-emerged as a substantial shareholder in MyEG Services Bhd, over a year after it ceased as the e-government service provider's substantial shareholder in December 2018.

In a filing with Bursa Malaysia, EPF said it bought 3 million shares on Wednesday (March 4). With the transaction, EPF now holds 173.66 million shares in MyEG, raising its stake in the group to 5.013%.

MyEG's shares had been on an uptrend last month, driven by optimism that it could secure the contracts for the foreign visa system (VLN) and the Integrated Immigration System (IIS), which are expected to be awarded in the first quarter of this year.

The stock hit as high as RM1.37 in mid-February, before tapering in the past two weeks as market sentiment took a turn for the worse as Malaysia faced an unprecedented political crisis that caused a sudden change of government, while the COVID-19 outbreak rages on.

Today, the stock settled at RM1.14 — down 3 sen or 2.56% from Thursday's close — which gives it a market capitalisation of RM3.95 billion. Year to date, the stock has gained 4 sen or 3.64%.