MyEG falls 1.79% after appeal against MyCC’s fine dismissed

PETALING JAYA: MyEG Services Bhd's share price continued to fall by 4 sen or 1.79% this morning, after its appeal against Malaysia Competition Commission's (MyCC) fine of RM2.272 million has been dismissed by the Competition Appeal Tribunal (CAT).

At 11.54am, the stock stood at RM2.20 with 2.98 million shares changing hands. Its market capitalisation stood at RM8.08 billion.

Yesterday, MyEG said the group has reviewed CAT's decision with its legal counsel and intends to seek a judicial review and apply for a stay against the tribunal's decision.

MyCC previously said it found that MyEG is abusing its dominant position in harming competition in the downstream market in which MyEG Commerce is participating as an insurance agent for online PLKS renewal applications. MyEG Commerce is 100% owned by MyEG.