MYEG to diversify existing principal activities

KUALA LUMPUR: My EG Services Bhd (MYEG) has proposed to diversify its existing principal activities and its units to include the foreign workers accommodation programme (FWAP).
In a filing to Bursa Malaysia, MYEG said, currently it was principally involved in the development and implementation of the electronic government services project and the provision of other related services for the electronic government services project, as well as investment holding.
"Leveraging on MYEG's business activities in the foreign worker-related domain, the group intends to capture a wider spectrum of foreign worker-related business and plans to diversify business activities to include FWAP," it said.
The programme entailed the setting up and management of centralised and integrated living quarters or hostels for the purpose of housing the foreign workers, it said.
MYEG said he proposed diversification would complement the group's existing foreign workers permit renewal business.
"The future rental income derived from the FWAP is expected to provide a new source of recurring income stream for the group and would contribute positively to its earnings in the future," it said. — Bernama