MyEG denies news report that Umno or its proxy was substantial shareholder

• Says report by The Edge Malaysia is ‘entirely erroneous’
• Sees no evidence of its chairman holding MyEG shares as a proxy

My EG Services Bhd (MyEG) yesterday denied that neither Umno nor its proxies have a substantial stake in the company, declaring such claims as "entirely erroneous, speculative and baseless".

"MyEG does not have, either at any time in the past or in the present, any substantial shareholdings held by Umno or any political parties in Malaysia, whether directly or indirectly through proxies," the company said in a statement filed to Bursa Malaysia yesterday.

It also said its chairman Norraesah Mohamad previously jointly owned an indirect substantial shareholding in MyEG via Asia Internet Holdings Sdn Bhd (AIHSB), together with MyEG founder and managing director Wong Thean Soon.

"Like any other private individual shareholder/investor, the ownership of MyEG shares by Norraesah was entirely in her personal capacity as a business person and private investor, after considering the investment merits, performance and prospects of the company. The company has no knowledge and has seen no evidence whatsoever of Norraesah's interests in MyEG being held on behalf of any political organisations or persons," it added.

MyEG was responding to an article titled "Cash-strapped Umno raised US$477 million (RM2 billion) in stake disposals", which was published in the current edition of The Edge Malaysia. The report wrote that companies that are said to have Umno or its proxies as substantial shareholders included MyEG. The report also noted that Norraesah was at one time an Umno senator and a member of the party's supreme council.

The article's claim that 1.03 billion MyEG shares valued at US$405 million (RM1.7 billion) were disposed of on July 25 by Norraesah was "inaccurate and factually incorrect", said MyEG, adding there were no such disposals.

The company further explained that Norraesah's interest in MyEG ceased due to the cessation of her interests in AIHSB, which remains a 23.25% shareholder of MyEG to date — representing Wong's solely-held indirect interest in MyEG.

"At no point in time were there any disclosure filings indicating any direct transaction of MyEG shares amounting to about 1 billion shares valued at RM1.7 billion, whether by Norraesah or by AIHSB," MyEG added.

As at 5.30pm on Aug 6, shares of MyEG were 3 sen or 1.95% lower at RM1.51, valuing the company at RM5.23 billion.