PETALING JAYA: An off-market transaction where the major shareholders of MyEg Services Bhd disposed of 1.4% of the e-service provider has sparked off speculation of a new shareholder in the company.
Asia Internet Holdings Sdn Bhd, the private company controlling MyEG disposed of the 50 million shares in a transaction that took place on Aug 16. Following this transaction, Asia Internet still owns 1.04 billion shares or 29.26% interest in the company.
Sources said the purchaser of the block of shares was a person connected to the Pakatan Harapan administration and expected to bring some sense of stability to the company in terms of its relations with the current government.
“MyEG has come under pressure since May 9 when the Barisan Nasional government was toppled. This is because there were concerns on the business going forward as it is related to providing government e-services.
“Although the company has said several times that almost 80% of its revenue are from commercial transactions, the view is that the certainty of earnings for MyEG is from its e-services transactions with government departments,” said the source.