KUALA LUMPUR: MyEG Services Bhd yesterday confirmed its expansion into Bangladesh, saying it had entered into a joint venture (JV) with two other firms to provide technology and e-government services in that country.
The group said its wholly-owned subsidiary, MY EG International Sdn Bhd, had signed the JV agreement with Bangladesh-based Control Data (BD) Ltd and My Paycheck Sdn Bhd.
Control Data will hold a 55% stake in the JV, while My EG International will have a 40% stake and My Paycheck the remaining 5%, the group said in a filing with Bursa Malaysia.
It added that Control Data’s director and main shareholder Arif Alam and My Paycheck’s main shareholder and director Teo Kim Hoe will be responsible for the promotion and general operation of the JV.
The initial issued share capital of the JV will be 25 million taka (RM1.203 million).
MyEG said the JV will enable the group to expand its geographical presence globally and open new frontiers where it will be able to offer its expertise to operate online government services and government related services as well as commercial services such as remittance service.
“Furthermore, MyEG will be able to continue to grow its business organically and continue with its expansion plan to offer its services to new markets,” it added.
MyEG saw its shares actively traded last month after it was reported that the group was set to venture into Bangladesh, besides initiating remittance service as part of its expansion plan.