Goldman Sachs buys more MyEG shares

Goldman Sachs International has raised its stake in MyEG Services Bhd, Malaysia’s leading e-services provider.

The US investment bank, via its London arm, acquired 1.2 million MyEG shares over three days — Sept 14, 15 and 17, according to filings with Bursa Malaysia. This raised its stake in MyEG to 37.1 million shares or a 6.18% stake.

The latest purchase follows a lull of two months from its last transaction, where it acquired 200,000 shares on July 14. In June and July, Goldman Sachs had made a flurry of purchases on the open market.

Goldman Sachs first emerged as a substantial shareholder of MyEG on May 12 when it announced it had a total stake of 30.3 million shares, or 5.04% of the company. That move sent MyEG shares rallying from below 50 sen to the 80 sen level by mid-June.

MyEG closed 0.5 sen or 0.6% higher yesterday at 82 sen, on volume of 2.51 million shares.


This article appeared in The Edge Financial Daily, September 23, 2010.