MyEG Services falls, says rehiring project to end on June 30 (Update)

Some funds are believed to be just taking a risk-off mode to MyEG as the Government may review the company’s online monopoly.

KUALA LUMPUR: MyEG Services share price fell to a low of 65.5 sen early Monday on concerns about the termination of the management of illegal foreign workers for the rehiring programme.

Bursa Malaysia Securities had at 9.09am suspended the proprietary day trading and intra-day short selling after the share price fell more than the 15 sen limit.

Before market opened for trading, MyEG issued a statement that the programme was already scheduled to end on June 30.

It had on Jan 23, 2017 announced it had received a notification letter from the Ministry of Home Affairs that the programme was until Dec 31, 2017 instead of Aug 15, 2016.

“Furthermore, the board wishes to clarify that new registration under the project had ceased since Dec 31, 2017 in accordance to the Ministry of Home Affairs’s letter dated Jan 23, 2017,” it said  

MyEG, an e-government services provider, said the June 30, 2018 closing date as stated in the news articles “is the grace period to allow all remaining registrants to complete all pending procedures under the project”.

It said there was no ad hoc termination of the project as it was intended to run for a fixed duration.

“The board would like to assure all parties that there are no changes to its business activities and all concession and commercial services are operating as usual,” it said.