MyEG's foreign workers repatriation contract extended to June 30, shares at record high

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KUALA LUMPUR (Jan 5): The government has extended My EG Services Bhd (MyEG)'s contract to undertake the voluntary repatriation of illegal foreign workers, to June 30.

The contract, which took effect on Oct 10 last year, had expired on Dec 31.

In a filing to Bursa Malaysia today, MyEG said the extension from Jan 1 to June 30 was granted by the Ministry of Home Affairs.

"The extension has no fixed value as it is dependent on the number of foreign workers successfully repatriated.

"Nonetheless, the board of directors is of the view that the extension is in the best interest of the company and is expected to contribute positively to the earnings of [the group] for financial year ending June 30, 2018," the group said.

MyEG shares hit a record high of RM2.48 today before closing at RM2.46. This is 86 sen or 54% higher than its closing price a year ago of RM1.60 on Jan 6, 2017.