MyEG eyes operating worker hostels and an online TV channel

MyEg online office that opens at Immigration Department of Malaysia in Putrajaya. MOHD SAHAR MSNI/The Star

KUALA LUMPUR: Electronic government services provider MY EG Services (MyEG) has set its sights on two new areas: operating hostels for foreign workers as well as an online TV channel.

In a filing with Bursa Malaysia, it said its unit MY EG Sdn Bhd had set up a subsidiary, MY EG Lodging Sdn Bhd, to build, own and operate hostels for foreign workers.

MyEG, which in February was appointed by the Home Affairs Ministry to undertake the registration of illegal foreign workers under a rehiring programme, said it would have a 55% stake in MY EG Lodging. The other shareholders will be Bright Billion Co Ltd (30%), Tengku Zainuddin Tengku Zahid (10%) and Mohd Farhan Dziaudin Mohd Daud (5%).

Growth in online renewal of foreign workers’ permits was one of the key factors for the strong double-digit growth in MyEG group’s bottom line for the last two financial years ended June 30.

The announcement did not reveal details such as how many hostels or hostel units are expected to be built.

In a separate announcement to the exchange, MyEG said it had incorporated a joint-venture company, Hurr Tv Sdn Bhd, to build, own and operatre an online TV channel.

Its unit MY EG Capital Sdn Bhd will hold 60% and Bright Billion 40%.

No detail was given on what kind of programmes would be shown on the channel or when the channel would begin operations.

MyEG shares ended unchanged on Wednesday at RM1.83, with 7.895 million shares changing hands.