KUALA LUMPUR (Feb 8):  The Employees Provident Fund (EPF) has increased its direct stake in MyEG Services Bhd to 6.897%, the company said on Wednesday (Feb 8).

This came after the pension fund bought 1.54 million MyEG shares on Feb 2, raising its interest in the information technology services provider to 512.97 million shares from 511.9 million shares (6.882%).

The EPF has been accumulating shares in MyEG since December last year. So far, it has bought 12.8 million shares in total.

In a separate filing, My EG notified that Kumpulan Wang Persaraan (Diperbadankan) has bought 17.37 million shares of the company and also sold 8.07 million shares. Both transactions took place in the open market on Feb 7.

KWAP holds a direct stake of 6.107% and an indirect stake of 1.187% in MyEG.

MyEG's share price recovered on Wednesday after falling to a two-year low of 70 sen on Tuesday following a report that the Immigration Department may directly handle all immigration transactions from 2025.

Amid the sell-off on Tuesday, the company bought two million shares on the open market for RM1.44 million. At the same time, major shareholder and managing director Wong Thean Soon bought five million shares for RM3.69 million.

MyEG also informed Bursa  Malaysia that it had not held any meeting with the Home Ministry or the Immigration Department on the matter

MyEG shares closed 1.5 sen or 2.14% higher at 71.5 sen on Wednesday, with about 237.68 million shares changing hands. Based on the closing price, MyEG is valued at RM5.32 billion.

The share price has fallen 16.86% year to date and 29.9% over the past year.