Epf Kwap Offload Shares In Myeg

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MyEG shares took a dive after it was announced that the government would retake control of all immigration services and processes. (Facebook pic)PETALING JAYA: MyEG Services Bhd was dealt another blow with the Employees’ Provident Fund and the civil service pension fund KWAP, or Retirement Fund (Incorporated), selling their shares in the company.
In a Bursa Malaysia filing, EPF sold 65.98 million shares on Feb 8. On Feb 7, it sold 49.65 million of its shares. EPF’s current shareholding stands at 5.34%, down from 6.9% on Feb 2.
As for KWAP, it sold 1.51 million shares on Feb 10, reducing its shareholding to 1.17%, from 1.19% on Feb 7.
Last week, MyEG saw its price tank twice, resulting in its market capitalisation shrinking by RM2.31 billion to RM4.53 billion.
It has been a sobering week for the e-government services provider, with its share price first crashing 25.5 sen, or 26.7%, to 70 sen on Tuesday, marking a 26-month low dating back to November 2020.
The acute drop occurred after immigration director-general Khairul Dzaimee Daud announced that all immigration services would be fully back under government management by 2025.
The announcement implied that MyEG would lose its revenues from providing immigration-related services.
However, MyEG said it has not met with the government to discuss converging all immigration processes under the National Integrated Immigration System.
Following Khairul’s announcement, transport minister Loke Siew Fook’s announcement that private vehicle owners will no longer need to display their vehicle licence (commonly known as road tax) on the windscreen or carry a physical copy of their driving licence, dealt the company another blow. - FMT

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