MyEG and its MD acquire four million more shares in group

KUALA LUMPUR (Feb 15): MyEG Services Bhd’s major shareholder and managing director Wong Thean Soon bought another two million shares in the group on Wednesday (Feb 15), raising his total stake to 29.73%. MyEG itself also bought back two million more of its shares.

Wong acquired the two million shares via his private vehicle Asia Internet Holdings Bhd, raising his indirect interest in MyEG to 17.588% while his direct interest stands at 12.138%, according to a bourse filing.

The tranche of shares were purchased at 62.5 sen apiece, which is about 10% lower than the closing price of 69.5 sen on Wednesday. Based on a back-of-the-envelope calculation, the two million shares would have cost Wong RM1.25 million.

In total, Wong has spent RM4.94 million to buy seven million shares in the buyback exercise.

On Feb 7, he acquired five million MyEG shares for RM3.69 million, or 73.8 sen each — when the share price took a 26.7% nose dive to close at 70 sen on the day following news reports that all immigration services and processes will revert to the Immigration Department by 2025, including those being managed by third parties such as MyEG.

In a separate filing on Wednesday, MyEG said the group spent another RM1.27 million on buying back two million more of its own shares that day at 63 sen per share.

Cumulatively, MyEG has spent RM6.64 million for 10 million shares in its share buyback.

MyEG’s share price surged 11.2% or seven sen on Wednesday to close at an intraday high of 69.5 sen. This came after the stock rose 3.31% to 62.5 sen on Tuesday after the group clarified that vehicle owners and drivers will still be able to renew their road taxes and driving licences through existing channels.

At 69.5 sen, MyEG'smarket capitalisation stands at RM5.2 billion.