MyEG shares continue to fall on higher MyCC penalty

PETALING JAYA: MyEG Services Bhd's share price continued to fall by two sen or 0.90% this morning, after Malaysia Competition Commission's (MyCC) fine against the company increased to RM6.41 million from RM2.272 million previously.
As at 10.29am, the stock stood at RM2.21 with 480,700 shares changing hands. Last Friday, MyEG shares slipped one sen or 0.45% to RM2.23.
MyCC said the higher penalty was due to an additional daily penalty of RM7,500 from June 25, 2016 to Dec 28, 2017 amounting to RM4.14 million.
MyCC said the total penalty amount may increase if MyEG failed to comply with Competition Appeal Tribunal 's (CAT) directions.
This came after MyEG's appeal against the penalty for abusing its dominant position in the online foreign workers permit (PLKS) renewals was dismissed by the tribunal.
MyEG said the company will file a judicial review of the CAT's decision.