Wednesday 31 May 2023
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KUALA LUMPUR (Feb 7): MyEG Services Bhd has clarified that it has not held any meeting with Putrajaya on converging all immigration transactions under the government’s National Integrated Immigration System (NIISe).

“The board of directors of the company wishes to clarify that the company has not held any meeting with either the Ministry of Home Affairs or the Immigration Department of Malaysia on the intention to converge all immigration transactions under the NIISe,” the group said in a Bursa Malaysia filing on Tuesday (Feb 7).

NIISe, which is currently developed by Iris Corp Bhd, will replace the current Malaysian Immigration System (myIMMS) that the department has been using for about 13 years.
“The board will release the necessary announcements in a timely manner to Bursa Malaysia Securities Bhd should there be any material information which falls under the Main Market Listing Requirements,” MyEG added in its filing which was issued during a one-hour halt in the trading of the company's shares between 2.44pm and 3.44pm.

MyEG shares came under selling pressure in morning trade following news reports that the government intends to converge all immigration services and processes — including passport renewals, visa applications, and applications and renewals of permits for foreign workers — under NIISe by 2025.

Immigration director general Datuk Seri Khairul Dzaimee Daud was quoted as saying that the Home Ministry had set aside RM900 million for the roll-out of NIISe in two years, and that the new system is expected to be a "game changer" that would improve the department's efficiency and customer experience.

MyEG shares gapped down on market opening to 65.5 sen on Tuesday, down 30 sen or 31.41% from last Friday's close.

The counter has pared some losses at the time of writing to trade 21.5 sen or 22.5% lower at 74 sen, valuing the group at RM5.53 billion.

MyEG was the most actively traded stock across Bursa Malaysia, with 795.01 million shares changing hands as at 3.39pm.

Shortly after market opening on Tuesday, Bursa Securities suspended short-selling of the stock for the rest of the day under proprietary day trading and intraday short selling, after the stock dropped more than 15 sen or 15% from its reference price.

Edited ByS Kanagaraju
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