No contract with Customs, says MYEG

by **Cals** Tue 07 Jan 2014, 18:27

Business & Markets 2014

Written by Bernama

Tuesday, 07 January 2014 17:03

KUALA LUMPUR (Jan 7): MY E.G Services Bhd (MYEG) today clarified it has not entered into any legally binding agreement with the Royal Malaysian Customs Department (RMCD) and that it is not a government-owned technological services provider as stated in an article published by a local newspaper.

Last week, the newspaper reported that MYEG's stock had jumped yet again on news of a new computer system being tested by the RMCD.

"The Board wishes to clarify that the computer system, MyGST, refers to a holistic new system which the RMCD is testing to facilitate the implementation of the goods and services tax by April 1, 2015.

"There are a few parties involved in the various components of this system of which MYEG, via its 40 per cent-owned associate company, MY EG Integrated Networks Sdn Bhd, is one of the parties.

"As of to date, MYEG has not entered into any legally binding agreement with the RMCD," it said in a filing to Bursa Malaysia today.

The company said it would release a public announcement should any award of contract is received from the RMCD, which is expected to have a material effect on the price, value or market activity of its shares, in accordance with the Corporate Disclosure Policy and Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

MYEG also clarified that it is a public listed entity and not a government-owned technological services provider.

"MYEG’s substantial shareholders include Asia Internet Holdings Sdn Bhd and Asia Internet E-Services Holdings Sdn Bhd, which in turn are not government-owned companies, Utilico Emerging Markets Limited and Mawer Investment Management Ltd," it said.

Nevertheless, it said certain government funds had invested in the company but their total stakes comprised less than two per cent of MYEG’s outstanding shares.
As at 3.25 pm, MYEG shares rose four sen to RM2.85 with 501,700 shares changing hands.