BURSA REP­RI­MANDS MYEG, FINES MD KUB, MASTEEL ABORT JB RAIL PROJECT

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Bursa Malaysia has pub­licly rep­ri­manded MyEG Ser­vices Bhd and its man­ag­ing di­rec­tor Wong Thean Soon for not an­nounc­ing the full im­ple­men­ta­tion of on­line re­newal of for­eign work­ers’ per­mit to the stock ex­change, in a timely man­ner. Wong has also been fined RM50,000, for se­lec­tively dis­clos­ing in­for­ma­tion on the new re­newal of for­eign work­ers ar­range­ment. MyEG had on Jan 6, 2015 dis­closed the gov­ern­ment’s de­ci­sion for the com­pany to im­ple­ment the fully on­line re­newal of for­eign work­ers’ per­mit from 2015 on­wards. An an­nounce­ment on the mat­ter how­ever, was only made on Jan 9 and 12, with­out any dis­clo­sure of de­tails of its im­pact/im­pli­ca­tion on the group’s fi­nan­cials. PE­TAL­ING JAYA: The pro­posed Jo­hor Baru in­ter­city rail tran­sit sys­tem project has lapsed fol­low­ing the abor­tion of a 40:60 joint ven­ture agree­ment be­tween KUB Malaysia Bhd and Malaysia Steel Works (KL) Bhd (Masteel). No rea­son was given for the ter­mi­na­tion. In a fil­ing with the stock ex­change, KUB said it and Masteel had mu­tu­ally agreed to ter­mi­nate the agree­ment to sup­ply and op­er­ate the rail tran­sit net­work project in Iskan­dar de­vel­op­ment re­gion. The RM1.23 bil­lion rail project, which was mooted in 2011, was sup­posed to in­ter­link Iskan­dar Malaysia in Jo­hor and Wood­lands, Sin­ga­pore. It had tar­geted to build and op­er­ate the rail tran­sit sys­tem, con­sist­ing of 21 sta­tions in ma­jor towns in Iskan­dar.

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