MyEG buys back 10 mil shares

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KUALA LUMPUR (May 16): My E.G. Services Bhd, whose share price has halved since the outcome of recent 14th general election that ended Barisan Nasional's six-decade rule, has bought back 10 million of its own shares at RM1.27 apiece.

The 10 million shares purchased represent 0.28% of its issued shares.

The e-government service provider's shares tumbled over the last few days, losing RM4.73 billion in market value as its share price halved from RM2.58 on May 8 to its closing price of RM1.27 today.

It has been reported that MyEG's goods and service tax (GST) monitoring project is at risk should Pakatan Harapan come into power as the latter planned to abolish the GST.

Earlier today, the Ministry of Finance announced that GST will be zero-rated from 6% currently, starting June 1.