32. WONG THEAN SOON AND DATUK NORRAESAH MOHAMAD Flagship: MyEG Services Bhd Net worth: RM1.4bil
BOTH Wong and Norraesah’s wealth is predominantly derived from their stakes in MyEG Services Bhd and Excel Force Bhd.
They own the stakes via vehicle Asia Internet Holdings Sdn Bhd, in which Norraesah has a 34% stake and Wong, 66%.
Wong, better known as TS Wong, is the managing director and single largest shareholder of MyEG. Both Wong and Norraesah hold a 20.2% stake in Excel Force via Asia Internet Holdings.
Once upon a time before the 14th general election (GE14), Wong and Norraesah were a lot wealthier, with their net wealth more than double the present amount. The mere mention of Wong’s name in any one counter would see the stock rocketing up.
Prior to GE14, MyEG seemed to do no wrong – both in terms of its business and share price.
While MyEG started out as a provider of e-government services with the provision of solutions that are related to the vehicle road tax and drivers’ licence renewal, among others, it successfully diversified into commercial solutions some four years ago.
Over a five-year period (before GE14), MyEG delivered a compounded annual growth rate of 45.1% on its profits and 36.8% on its revenue. Its shareholder equity also grew 32% over that period.
All good things must come to an end though.
Alas, the fall of Barisan Nasional saw Wong’s invincible status and MyEG’s fortunes reverse.
MyEG used to have a market cap close to RM10bil. Despite taking a hit, its market cap remains sizeable at roughly RM4bil, with MyEG still trading at a price earnings ratio of some 56 times.
Earlier this year, MyEG ran into problems with the Malaysia Competition Commission with regards to its online foreign worker renewal system. The issue has since been resolved with MyEG having paid penalties of RM6.41mil.
In 2019, MyEG will focus on its new service – the online registration of new foreign workers, which is expected to be its new revenue growth driver for domestic operations over the next one to two years.