MyEG signs RM553 million project to renew work passes

It says the contract is renewable when it expires in 2020.

KUALA LUMPUR: MyEG Services Bhd has signed a concession agreement with the Malaysian government to provide online renewal of temporary employment passes for foreign workers for the Immigration Department.

In a filing to Bursa Malaysia yesterday, the company said, the project would be for five years from May 23, 2015 to May 22, 2020 and renewable upon expiry subject to the approval by the government.

“The total estimated value of the project for the duration of five years is approximately RM553.85 million,” it said.

The board of directors said the project was in the best interest of the company and was expected to contribute positively to the earnings and net assets for the financial years ending June 30, 2017 onwards until the expiry of the project. -FMT