This article first appeared in The Edge Financial Daily on March 6, 2019 - March 12, 2019

KUALA LUMPUR: My EG Services Bhd (MyEG) said yesterday the Malaysia Competition Commission (MyCC) had accepted the changes that the group made to its online foreign worker renewal system.

In a filing with Bursa Malaysia, MyEG said it was notified of this by MyCC via a letter dated March 4, after several meetings with the commission.

Having accepted the changes, the daily penalty of RM7,500 will cease with immediate effect. The penalty, until the date of the acceptance, amounted to RM9.64 million, of which MyEG had paid RM6.41 million, according to the filing.

With this development, MyEG said it viewed that it has fully complied with the decisions made earlier by MyCC and its Competition Appeals Tribunal (CAT).

“However, the appeal which MyEG had filed to the Court of Appeal will continue. MyEG had filed an appeal to the Court of Appeal against the decisions made earlier by MyCC and CAT and to appeal against the penalty imposed by MyCC.

“MyEG hopes to reiterate to all users the changes required are in relation to the group’s portal’s user interface and does not affect the ongoing delivery and provision of all its services,” it said.

MyEG shares settled one sen higher at RM1.01 yesterday, after 33.94 million shares were traded, with a market capitalisation of RM3.52 billion. In the past 12 months, MyEG shares have retreated nearly 62%.