Asia Internet Holdings sells 75m MY EG shares for RM103.5m

CGS-CIMB, in a research report, said MyCC

KUALA LUMPUR: Asia Internet Holdings Sdn Bhd disposed of 75 million shares in My E.G. Services Bhd at RM1.38 each on Thursday.

A filing with Bursa Malaysia showed the shares in the e-government services provider were sold for a total of RM103.50mil.

 After the sale of the stake, Asia Internet Holdings' direct stake was reduced to 964.28 million shares or 27.67%.

The company did not provice details of the buyer of the block.

Wong Thean Soon and Datuk Dr Norraesah Mohamad had indirect interest in the disposal of the shares due to their stakes in Asia Internet Holdings. Norraesah has a 34% stake and Wong, 66%.

On March 23, StarBizWeek reported that their net worth then was RM1.4bil. Their wealth is predominantly derived from their stakes in MyEG and Excel Force Bhd.

They own the stakes via vehicle Asia Internet Holdings, in which Norraesah has a 34% stake and Wong, 66%.

Wong, better known as TS Wong, is the managing director and single largest shareholder of MyEG. Both Wong and Norraesah hold a 20.2% stake in Excel Force via Asia Internet Holdings.

Earlier this year, MyEG ran into problems with the Malaysia Competition Commission with regards to its online foreign worker renewal system. The issue has since been resolved with MyEG having paid penalties of RM6.41mil.

In 2019, MyEG will focus on its new service – the online registration of new foreign workers, which is expected to be its new revenue growth driver for domestic operations over the next one to two years.