KUALA LUMPUR (Oct 30): MyEG Services Bhd has received a three-year contract extension from the Road Transport Department (JPJ) of its appointment as a collecting agent for the provision of vehicle registration services, driver and vehicle licensing, and electronic payment of summons services.

This comes just two weeks after the e-government service provider was granted a two-year extension of its immigration related services contract.

In a bourse filing on Monday, MyEG said the group and its wholly owned unit MyEG Sdn Bhd had received the letter of extension from JPJ for the period of May 23, 2023 to May 22, 2026.

An agreement to formalise the extension will be announced by MyEG in due course, said the group, adding that the estimated total value of the extension will be dependent on the number of transactions performed over the period.

“The board of directors is of view that the extension is in the best interest of the company, and is expected to contribute positively to the earnings and net assets per share of the company for the financial year ending Dec 31, 2023 and onwards,” said MyEG.

In May, Transport Minister Anthony Loke Siew Fook said MyEG had been given a “non-exclusive” three-year contract extension to provide JPJ-related online services. The contract was awarded in 2020, and expired on May 22, 2023.

At Monday’s closing bell, MyEG’s share price was one sen or 1.29% lower at 76.5 sen. At this price, the group is valued at RM5.75 billion. Year to date, the stock has declined over 11%.

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