CEO Morning Brief

EPF Ceases to be Substantial Shareholder of MyEG

Publish date: Thu, 16 May 2024, 09:40 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 15): MyEG Services Bhd (KL:MYEG) said the Employees Provident Fund (EPF) has ceased to be a substantial shareholder of the e-government services provider after disposing of 21 million shares.

In a bourse filing on Wednesday, MyEG said the transaction was carried out on May 10. The filing did not specify the value of the transaction, but based on MyEG’s closing price of 98.5 sen on May 10, the block of shares was estimated to be worth RM20.69 million.

According to MyEG's earlier filing on Tuesday, the EPF was holding a total of 394.07 million shares in the group, equivalent to a 5.283% stake.

Wong Thean Soon, a co-founder of MyEG, is the largest shareholder of the group with a 28.87% stake, followed by Retirement Fund Inc (KWAP) with a 7.14% stake, according to MyEG's annual report for the financial year ended Dec 31, 2023 (FY2023).

MyEG closed FY2023 with a 22.32% expansion in net profit to RM487.65 million from RM398.66 million for FY2022, primarily driven by revenue from the Zetrix blockchain platform, the sale of Zetrix tokens, and the initial exchange offering on major global digital asset exchanges.

Earnings were also boosted by existing concession and commercial services, as well as increased foreign worker job-matching services, following the lifting of the freeze on foreign worker recruitment.

Revenue increased 20.57% to RM774.28 million, from RM642.16 million for the previous year.

Shares in MyEG settled five sen or 5.10% higher at RM1.03 on Wednesday, giving the group a market capitalisation of RM7.75 billion.

Source: TheEdge - 16 May 2024

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