No delay in announcing online renewal of foreign maid, worker permit - MyEG



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KUALA LUMPUR (Jan 14): MyEG Services Bhd (fundamental score: 2.6; valuation score: 1.5) clarified to Bursa Malaysia today that there was no delay in announcing the online renewal of foreign maid and worker permits (Pas Lawatan Kerja Sementara (PLKS)) in Malaysia.

According to MyEG, the service had been made available to the public on MyEG’s portal at since 2011 following the launch of the online renewal for foreign maid permits then.

This was followed by the launch of the online system for foreign worker permits in 2013.

"Previously, PLKS can be renewed through the Immigration Department’s counter or through MyEG’s portal.

"The recent announcement by the government to only allow foreign maid and foreign worker PLKS to be renewed online through MyEG’s portal is at the prerogative of the government, which MyEG cannot make any announcement on behalf of" MyEG said.

MyEG's clarification was in response to an article published in the latest issue of The Edge Malaysia business and investment weekly (Edge Weekly).

The article that appeared on the Edge weekly's Frankly Speaking column highlighted how MyEG shares had risen last Wednesday (Jan 7) after CIMB Investment Bank Bhd said MyEG had been awarded the contract and that it would boost the company's earnings.

MyEG shares had risen ahead of MyEG's statement to Bursa Malaysia last Friday (Jan 9) that the government had since last Monday (Jan 5) expanded MyEG's job scope under the online renewal of foreign worker permits.  

Besides permit renewal, MyEG said its job scope now included helping the authorities idenfiy legal and illegal foreign workers here, and employers hiring these workers. The Edge Weekly had asked why MyEg only announced the job scope expansion to Bursa Malaysia last Friday as the contract had been effective since Jan 5.

Today, MyEG said : "The board of directors also wishes to clarify that the online renewal of foreign maid and foreign worker PLKS are part of MyEG’s ordinary course of business involving development and implementation of E-Government services and the provision of other related services for the E-Government initiatives."

At 2.56pm, MyEG shares rose one sen or 0.4% to RM2.52 for a market capitalisation of about RM3.02 billion.

The stock had risen 19% this year, outperforming the FBM KLCI's 1% decline.

The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.