MyEG shares down as it awaits nod from Customs

Published: Wednesday January 8, 2014 MYT 10:34:00 AM 

Updated: Wednesday January 8, 2014 MYT 11:01:48 AM

BY NADYA FARHAN NGUI

KUALA LUMPUR: Shares of MyEG Services Bhd fell at midmorning on Wednesday as it awaits the letter of award (LoA) from the Customs Department to facilitate the implementation of the goods and services tax (GST) by April 2015.

At 10.27am, its shares fell nine sen to RM2.77 with 765,200 shares traded between the prices of RM2.74 and RM2.85.

The FBM KLCI jumped 10.26 points to 1,835. Turnover was 483.26 million valued at RM402.12mil. There were 338 gainers, 191 decliners and 252 counters unchanged.

StarBiz reported MyEG’s 40%-owned associate company, My EG Integrated Networks Sdn Bhd, has completed a pilot customs service tax monitoring system, although it has not yet received the LoA from the Customs Department.

In a filing with Bursa Malaysia yesterday, MyEG clarified: “To date, MyEG has not entered into any legally binding agreement with the Customs Department.”

The company’s clarification was in response to news reports that the company will receive a contract for the government sales tax collection system.“MyEG will release public announcement should any award of contract be received from the Customs Department,” the company said.