MyEG's 5 yr concession for foreign workers valued over RM553m

IT-related services counters such as My EG were among the top gainers

KUALA LUMPUR: My E.G. Services Bhd has confirmed the five-year concession with the Government to provide online renewal of temporary employment pass for foreign workers at RM553.85mil.

It said on Thursday it it had signed a concession agreement with the Government to provide the service from May 23, 2015 to May 22, 2020.

MyEG said the concession was renewable upon expiry subject to the Government's approval.

It expected the concession to contribute positively to the earnings and net assets per share of the company for the financial years ending June 30, 2017 onwards until the expiry of the project.

“At this point in time, the board does not foresee any risks in relation to the project,” it said.