This article first appeared in The Edge Financial Daily on May 18, 2017 - May 24, 2017

KUALA LUMPUR: MyEG Services Bhd has confirmed that it is in negotiations to acquire a stake in popular food review website Eat Drink KL.

In a filing with Bursa Malaysia yesterday, the electronic government services provider said the negotiations between its board of directors and existing shareholders of Eat Drink KL are currently ongoing and have not been finalised. “However, the board will release further announcements once an agreement has been entered [into] with all relevant parties pursuant to the ongoing negotiation,” it added.

This confirms a report by The Edge Financial Daily yesterday that said MyEG was close to sealing a deal to buy a controlling stake in Eat Drink KL. 

The report said under the proposed deal, Eat Drink KL will likely be parked under MyEG’s wholly-owned investment holding company MyEG Capital Sdn Bhd, which in turn holds a controlling stake in online advertisement firm MyEG Ad Networks Sdn Bhd, auto classified website Car X Services Sdn Bhd, diversified media solutions provider Picasso Media Sdn Bhd and online television provider Hurr TV Sdn Bhd.

Started in February 2009, Eat Drink KL is currently wholly-owned by Sean Yoong, a former journalist with a 14-year stint at Associated Press.