EPF, KWAP trim stake in MyEG

KUALA LUMPUR (Feb 13): The Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) joined the herd selling MyEG Services Bhd shares last week.

The EPF sold 65.98 million shares last Wednesday (Feb 8), paring its shareholdings in the e-government services provider to 5.34% after it offloaded 49.65 million shares the day before.

Prior to the share sales last week, EPF’s shareholdings stood at 6.9% as at Feb 2.

The filing did not reveal the transaction price.

KWAP, on the other hand, sold 1.51 million shares last Friday (Feb 10), reducing its indirect interest to 1.17%, from 1.19% on Feb 7.

MyEG was under heavy selling pressure last week following various news reports on Putrajaya intending to revert immigration services provided by MyEG to the government by 2025.

As its share price fell off the cliff last week, MyEG bought back six million shares on the open market in the price range between 61 sen and 72 sen each.

MyEG’s co-founder and managing director Wong Thean Soon also acquired five million shares at 73.8 sen each last Monday (Feb 7).

Selling pressure had yet to dissipate on Monday (Feb 13). The stock traded in the range of 57 sen to 62 sen. It closed half sen lower at 60.5 sen, valuing it at RM4.52 billion. Some 217.05 million shares changed hands.