MyEG rises ahead of financial results announcement

KUALA LUMPUR (Feb 11): My EG Services Bhd's (MyEG) share price rose as much as 19 sen or 16.38% to RM1.35 in afternoon trades today ahead of the electronic government services provider's quarterly results announcement this month and after its group managing director Wong Thean Soon indicated his intention to deal in MyEG securities during the closed period.

At 4:05pm, MyEG, the most-active stock across Bursa Malaysia, pared gains at RM1.34 with some 215 million shares changing hands. MyEG also emerged among Bursa top gainers.

At RM1.34, MyEG has a market capitalisation of RM4.57 billion.

"The breakout seen today indicates that the (MyEG share price) uptrend is intact," Maybank technical analyst Muhammad Rafiq Jajuli toldtheedgemarkets.comtoday.

Muhammad Rafiq said the stock has ended its seven months long downtrend after showing signals of strength since Feb 3.

On Jan 23 this year, MyEG notified Bursa that Wong intends to deal in MyEG securities during the company's closed period. MyEG's latest shareholding updates showed that Wong owned direct and indirect stakes of 9.034% and 21.827% in MyEG respectively as of last Tuesday (Feb 4).

Wong's indirect stake is held via Asia Internet Holdings Sdn Bhd, MyEG said.

Earlier, MyEG said its financial year end has been changed from Sept 30 to Dec 31. As such, the current set of audited financial statements shall be for a period of 15 months from Oct 1, 2018 to Dec 31, 2019, it said.