KUALA LUMPUR (Nov 29): My EG Services Bhd (MyEG) has mutually agreed to terminate two separate memoranda of understanding (MoUs) today as there were no further developments in relation to their areas of collaboration.

In filings with Bursa Malaysia today, MyEG said it mutually terminated the MoU entered with the National Information Technologies JSC of Kazakhstan on June 8, 2011.

To recap, the MoU with NIT, which was inked in the presence of Prime Minister Datuk Seri Najib Razak at the World Islamic Economic Forum, would have seen MyEG assisting NIT to build its country’s national information technology infrastructure through its Malaysian experience in delivering online government services.

The second MoU terminated was with Cradle Fund Sdn Bhd, which was signed on Oct 23, 2013, under which they would have collaborated to provide a venture capital fund of RM60 million for early start-up companies to develop their business.

MyEG would have invested RM20 million into the fund called the Cradle Seed Ventures Fund 1 (CF1) — a public-private partnership fund — and Cradle was to have invested RM40 million.
 
The CF1 was to disburse between RM1 million and RM3 million to each innovative high potential technology start-up, particularly those involved in the fields of information communications technology, telecommunications and engineering within the specified National Key Economic Areas.

Cradle is an agency under the Finance Ministry and runs the Cradle Investment Programme that funds the development and commercialisation of technological ideas and companies.

MyEG closed four sen or 1.78% lower at RM2.21, valuing it at RM5.3 billion.