Wednesday, January 19, 2011



2010-12-23 19:07

(吉隆坡23日訊)MYEG服務(MYEG, 0138, 主板貿服組)致力推廣服務稅電子監督系統,放眼在明年3月杪完成2千500名客戶安裝工作,加上路稅更新服務用戶持續增加,看好可在2011年維持20% 盈利成長。

MYEG服務執行主席拿督諾麗莎指出,服務稅監督系統可加強商家對服務稅的處理效率,減少人力開銷,但鑒於商家對這方面認知尚未普及,公司會透過高度宣傳 來推廣這項系統。



December 24, 2010 01:44





KUALA LUMPUR: My EG Services Bhd (MyEG) may raise funds to finance the expansion of its Online Tax Monitoring System should the company receive the green light to implement the project nationwide.

For now, the soon-to-be-launched initiative which is currently confined within the Klang Valley under a RM40 million pilot project, will be financed with the company’s internal funds, according to MyEG managing director TS Wong.

“We may seek funding from outside,” Wong told reporters after the company’s annual general meeting here yesterday. He did not elaborate.
He said the pilot project, to be implemented in March next year, is expected to link some 2,500 business outlets’ service tax filings electronically to the Royal Malaysian Customs Department.

According to Wong, policymakers will evaluate the feasibility of the pilot project for one year, before deciding if the tax-monitoring system should go nationwide.

In October, Prime Minister Datuk Seri Najib Razak proposed to raise the service tax to 6% from 5% beginning Jan 1 next year, when he unveiled Budget 2011.

The RM40 million pilot project made news in November 2009 when The Edge reported that MyEG could take a 40% equity stake in a special-purpose vehicle set up, possibly with two joint-venture partners, to undertake the job.

In a clarification to the exchange in response to the news report, MyEG said that the company and its potential JV partners had been in talks with the government on the implementation of the online tax-monitoring system. MyEG also said a proposal for the project had been submitted to lawmakers.

MyEG is principally engaged in the business of development and implementation of E-Government services and the provision of other related services for the E-Government initiative. Its track record include linking insurance firms with the Road Transport Department for the issuance of electronic cover notes, according to MyEG’s website.

MyEG, whose earnings are derived entirely from Malaysia so far, also offers online renewal of working permit for maids. The company also acts as a link between the police and the public via email notifications of traffic summons.

The company was listed on the local exchange’s Mesdaq Market (now Ace Market) in January 2007 at 55 sen a share. The stock was transferred to the Main Board two years later.

Since its flotation, MyEG has undertaken one private placement of 25.25 milion new shares, or some 10% of its issued shares in September 2008. The first tranche of 20.71 million units were placed out at 82 sen apiece, raising RM17.6 million.

At yesterday’s closing price of 76 sen, MyEG had a market capitalisation of RM456.8 million from its issued share base of 601.05 million units. The stock has gained 70.8% this year, outperforming the FBM KLCI’s 19% advance.

MyEG’s bottomline had come in weaker due to higher operating and finance expenses. Net profit fell 37.4% to RM2.8 million in the first quarter ended Sept 30 from a year earlier although revenue rose 13.8% to RM15.47 million.

The company has cash of RM11.32 million versus debt obligations of RM5.02 million, hence, a net cash position of RM6.3 million or one sen a share. ... toring-project.html

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