MYEG foreign worker employment pass renewal job extended

PETALING JAYA: MYEG Services Bhd has received a three-year extension from the government to provide the foreign worker temporary employment pass online renewal service (PLKS) worth Rm208mil.

In a filing with Bursa Malaysia yesterday, the company said it had received a notification letter on Tuesday from the Home Affairs Ministry to extend the Immigration Related Services (IRS) from May 23, 2020 until May 22, 2023.

“The terms of renewal are not stated in the letter and an agreement to formalise the extension will be signed and announced by the company in due course.

“The board is of view that the IRS is in the best interest of the company and is expected to contribute positively to the earnings and net assets per share of the company for the financial years ending Dec 31, 2020 onwards,” the company said.

MYEG said the board does not foresee any risks in relation to the IRS at this point.

“None of the directors and/or major shareholders and persons connected with a director and/or major shareholder has any interest, direct or indirect in relation to the extension,” it said.

MYEG closed 10 sen up to RM1.52 yesterday.

Back in May, MYEG was informed by the government to continue to provide e-government services pertaining to vehicle registration, licensing and summons payment, for another month until June 30.

It had also received notification to continue, until further notice, the provision of online renewal of temporary employment pass for foreign workers for the Immigration Department.

The concession agreement for the e-government services, which it first secured in 2000 for a period of 15 years, was extended in 2014 for six years.

The group secured the online renewal of temporary employment pass for foreign workers contract in January 2017.

“The board is of the view that the Immigration Related Services is in the best interest of the company and is expected to be positive.” MYEG Services Bhd