My EG Services Berhad’s Stock Market During Pandemic

The Malaysian stock exchange, Bursa Malaysia Berhad, was established in 2004 when the Kuala Lumpur Stock Exchange became a public entity. It is one of the Association of Southeast Asian Nations’ main exchanges. The Securities Commission oversees its operations, which are located in the country’s biggest city and capital.

The market cap of the exchange is RM 1.85 trillion, with over 900 firms listed across 18 sectors. Bonds, exchange-traded funds, futures, and options are also available. Public Bank, CIMB Group Holdings, the Axiata Group, Petronas Chemicals, and Tenaga Nasional are only a few of the well-known and actively traded firms on the list.

On top of that, My EG Services Berhad faces difficulties when the pandemic of COVID-19 hits. However, My EG Services Berhad still believes that their investors are focusing on the contracts that had been dealing which portraying its earning potential. Many of MyEG’s e-government contracts have been extended, despite the changing political environment. Not just that, the organization has been awarded new contracts as well, such as running the MySafeTravel system for the Ministry of Health, which is a wireless health pass system for incoming international travelers.

It also operates a platform to assist businesses in arranging for subsidized Covid-19 assessments for both local and international employees. From the service’s introduction in late June 2020 until October 2020, the organization has conducted approximately 200,00 Covid-19 test screenings.

My EG Services Berhad also provides new offerings to the Road Transport Department, such as online motorcycle insurance, road tax, and driver’s license renewal. MyEG has made headlines when it acquired a 10% interest in S5 Holdings Inc, a competitor for the RM1.8 billion National Integrated Immigration System deal. As a result, S5 shareholders agreed to pursue a backdoor listing through Ancom Logistics Bhd.

Last but not least, MyEG is seen as a survivor of a shifting political world. However, provided that its current contracts with government agencies have been extended and new jobs have been created, the firm could be a counter to watch in 2021.