MyEG active, rises 11.88% upon settlement with MyCC

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KUALA LUMPUR (March 6): Shares in My EG Services Bhd (MyEG) rose by as much as 11.88% in active trade on the back of the Malaysian Competition Commission (MyCC)'s acceptance of changes to its online visa renewal system for foreign workers.

At 10:15am, the counter rose nine sen or 8.91% to RM1.10, with 91.92 million shares traded.

The counter opened at RM1.03, before climbing to its peak of RM1.13 today.

Yesterday, MyEG said the daily penalty of RM7,500, which amounted to RM9.64 million in total, will stop, following MyCC's acceptance of the changes the group made to the online system.

The group had paid RM6.41 million of the total penalty to the commission, said MyEG.

MyEG added it is of the view it has complied with decisions made by MyCC and the Competition Appeals Tribunal.