Thursday, October 31, 2013

MYEG - are going to be exciting

MYEG: Its continued growth is likely to come from the rollout of the CST system which will benefit from the implementation of the 6% GST which takes effect in April 2015.

The CSTM, which would rolled out in the services in Jan 2014, would extend MYEG’s foothold in the retail segment after the implementation of the GST.

The CSTM is targeted to link close to 100000 points of sale terminals from about 20000 restaurants and entertainment outlets in Malaysia. It has been reported that MYEG is working with a local bank to launch mobile payment system that is compatible with the CSTM system.

MYEG has a 40% stake in a consortium of companies that is undertaking the CSTM project.

If there are no hiccups for the CSTM in the service sector, the company is looking to move it to the next phase, which is the retail sector. The company will utilize the system for the first time in Jan 2014.

The first six months of 2014 for MYEG are going to be exciting.

CSTM is part of MYEG’s long term growth plan.

The company has also good chance of getting more contracts from the government as it ha started working on the CSTM system.

It was also reported that the implementation of the GST would be a major catalyst for e services or IT solution providers, which could benefit front runners such as MYEG and Censof.

MYEG services are mainly linked to the RTD such as online vehicle registrations, licensing, summons services as well as utility bill payments.

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