It is looking at commissioning a multi million ringgit deal to roll out the customs service tax monitoring system as early as 2014. The company is also in the process of commissioning its services for the registration of new cars and a bidding system for new car number plates.
Sources said that the government has agreed in principle for the company to undertake both services but the letter of award is not out yet.
The CSTM is targeted to link close to 100000 point of sales terminals from about 20000 restaurants and entertainment outlets throughout Malaysia. The company is presently working with a local bank to launch a mobile payment system called iPayEasy that is compatible with the CSTM system. MyEG has a 40% stake in the consortium of companies that is undertaking the CSTM Project.
The new services are expected to spur growth to its top line due to potentially lucrative market. The company’s services are mainly linked to the RTD currently (July 2013). They include electronic delivery of driver and vehicle registrations, licensing and summons services and utility bill payments.
The total capex for CSTM is rm100 million and the so far the invested rm50 million with the remaining rm50 million to be pumped in before end 2013.
MYEG has some boutique investment funds which include Utilico Emerging Markets Ltd and Creador Malaysia, a fund headed by Brahmal Vasudevan. The chairman of the company is Datuk Dr Norraesah Mohamed, a long time member of the UMNO supreme council. The MD Wong Thean Soon has direct and indirect interest of 40.26%.
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