KUALA LUMPUR (Feb 14): Asia Internet Holdings Bhd, the largest single shareholder in MyEG Services Bhd, bought some 83.25 million shares, or 8.811% stake, in point-of-sale system provider Cuscapi Bhd. 

Asia Internet bought the block of shares via the direct business transaction on Feb 10, according to the company’s filing to Bursa Malaysia. It is not known from whom Asia Internet bought the shares. 

Coincidentally, Radio Port Ltd - an offshore company - sold out its 6.02% stake, or 56.9 million shares, in Cuscapi, a separate filing to the exchange showed.

Asia Internet is a private vehicle of MyEG’s managing director Wong Thean Soon, better known as TS Wong. He emerged as a Cuscapi shareholder in 2019. 

Wong currently holds a direct stake of 13.209% in Cuscapi and an indirect stake of 8.111% through Asia Internet, making him the biggest shareholder holding direct and indirect stake of 21.32%.

The other substantial shareholders are Ultimate Quality Success, holding a 14.55% stake; and Cuscapi’s executive chairman Jayakumar Panneer Selvam, with a 7.44% stake.

Cuscapi’s share price closed 0.5 sen higher at 22 sen on Tuesday (Feb 14), translating into a market capitalisation of RM207.87 million.

MyEG ended the trading session in the green - up 3.31% at 62.5 sen - valuing it at RM4.67 billion. The stock regained some lost ground after MyEG announced that vehicle owners and drivers will still be able to renew road taxes and driving licences through its existing channels.

MyEG’s shares have been bogged down by heavy selling since last week, after news reports said that the Immigration Department could directly handle all immigration transactions from 2025. Wong, who holds a 12.13% stake in MyEG, bought five million shares in the group when MyEG’s share price was heading lower. 

https://www.theedgemarkets.com/node/655211