MyEG: Govt to bear RM35 fee for online renewal of foreign workers' permit

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KUALA LUMPUR (Apr 29): My E.G. Services Bhd (MyEG), which saw its shares plunge as much as 5.5% in intraday trade today, has clarified that the government will bear the convenience fee of RM35 which is charged by the company, for online renewal of foreign workers’ permit.

As such, the processing fee for the renewal will remain at RM125, it said in a filing with Bursa Malaysia today.

MyEG (fundamental: 3; valuation: 1.1) also noted that the Immigration Department announced today that the renewal of foreign workers’ permit will be implemented fully online with effect from this Saturday (May 2).

MyEG shares sank to an intra-day low of RM2.25 before closing down 3.78% to settle at RM2.29 today. Its market capitalisation stood at RM2.75 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)