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

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.