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Concessionaire for the Malaysian E-Government MSC Flagship Application, MyEG confirmed a five-year concession valued at RM553.85mil has been given by the government to provide online renewal of temporary employment passes for foreign workers, according to The Star.
In a filing with Bursa Malaysia, the group said that it had signed the concession agreement on 1 March to provide the service from 23 May 2015 to 22 May 2020.
The online renewal of the employment pass, also known as Pas Lawatan Kerja Sementara (PLKS), will be provided for the Immigration Department of Malaysia and is renewable upon expiry subject to the government’s approval.
MyEG also mentioned that its board of directors thinks that the project is in the best interest of the company and is expected to contribute positively to the earnings and net assets per share for the financial years ending 30 June onwards until the expiry of the project.
“At this point in time, the board does not foresee any risks in relation to the project,” it said in the report.
The confirmed figure of RM553.85mil matches the group’s estimated value for the contract when it was initially announced back in January.
Additionally, the contract will complement MyEG’s slate of digital offerings, such as online renewal of foreign workers’ permit and insurance, online renewal of vehicle road tax and ownership transfer.
The group was already handling the foreign workers rehiring programme which ended in June last year.