MYEG shares jump on China Customs deal

KUALA LUMPUR: Shares in My EG Services Bhd jumped five sen or 6.8% to 78 sen each at the start of Friday trading following the announcement of its partnership with China Customs.

As at 9.25am, the share of the e-government solutions operator topped the actives list on Bursa Malaysia with 42.67 million shares exchanging hands.

MYEG said yesterday it had inked a partnership agreement with a unit of China Customs, East Logistic-Link Co Ltd, to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on the Zetrix blockchain platform.

In a statement, MYEG said other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading could also be issued on the chain. It added that the partnership would cover international exports going into China.

East Logistics-Link vice general manager Haiying Zhao said with the relevant trade data on the blockchain, the agency could expect a significant increase in speed and efficiency of trade processing that benefits all stakeholders.

MYG's stock price had fallen to a two-year low in February after it was announced that all immigration services would be directly managed by the Immigration Department by 2025 following the rollout of the National Integrated Immigration System (NIISe).

However, as at the time of writing, the stock had retraced more than 50% of the losses made during the rout between Feb 3 and 13 this year.

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MYEG , customs , Zetrix , blockchain , trade


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