MyEG share price rose 7.29% after tumbling yesterday

PETALING JAYA: MyEG Services Bhd, which was the third most active counter, saw its share price rise as much as 7.29% to 73 sen during early trade, following its clarification that the end of the foreign workers rehiring programme was not due to termination of contract.
At 10.58am the stock was trading at 71.5 sen with 55.98 million shares done. The counter was the most actively traded yesterday, closing 17.5 sen or 20.4% lower to 68.5 sen with some 206.6 million changing hands.
MyEG is one of the three vendors for the foreign workers rehiring programme, which will end on June 30, 2018.
“The board wishes to clarify that new registration under the project had ceased since Dec 31, 2017 in accordance to the MoHA’s (Home Ministry) letter dated Jan 23, 2017. The closing date as stated in news articles is the grace period to allow all remaining registrants to complete all pending procedures under the project,” it said.
“Therefore, the issue of any ad hoc termination of the project, as alluded to in the news articles, does not arise as the project, which is intended to run for a fixed duration, is adhering to its existing prescribed deadlines,” it added.
Between Feb 15, 2016 and May 28, 2018 a total of 744,942 undocumented foreign workers and 83,919 employers had been registered for the programme.
Following the cessation of the programme, Home Minister Tan Sri Muhyiddin Mohd Yassin said all services related to the employment of foreign workers will be conducted by the Immigration Department and no extension will be given to the three vendors.
The other two companies involved in the programme were Iman Resources Sdn Bhd and Bukti Megah Sdn Bhd.