KUALA LUMPUR (Apr 8): Shares of My E.G. Services Bhd (MyEG) retreated in late morning trades today after the Home Affairs Ministry said the government was looking at an alternative to break the monopoly of the renewal of foreign work permits that is currently being offered by MyEG.

At 11.41am, MyEG fell 1.39% or four sen to RM2.84 with 1.27 million shares traded.

"There were a lot of companies who presented their products at that time in 2012, and MyEG was the only (company) could perform what the government wanted them to do.

"(But) ... now the government is looking at other alternative into MyEG under MAMPU (Malaysian Administrative Modernisation and Management Planning Unit) by the government," Deputy Minister Datuk Wan Junaidi Tuanku Jaafar said to reporters outside parliament building this morning.

However, he noted that the government was looking at this alternative but has not implemented it yet.

"There is nothing wrong with MyEG," he pointed out, but noted that the government is sensitive towards the complaints raised over the RM38 processing fees recently.

He explained that the government had consented MyEG to collect the RM38 from employers rather than the employers pay RM300 or RM500 to an intermediary.

"So which one is better ... now the government is getting less than that," he added.

Currently, employers pay MyEG RM125 for immigration processing fees when renewing work permits for their foreign workers. These employers also bear an additional RM38 charge per worker per year.