East Logistic-Link is a wholly-owned agency of the general administration of customs department in China.
The counter rose as much as 8.9% or 6.5 sen from yesterday’s close of 73 sen, to a high of 79.5 sen this morning.
At 12pm, around 1.17 million shares had exchanged hands.
The scope of the agreement covers international exports going into China, and MyEG will, via the Zetrix blockchain platform, provide the digital service to connect to China’s blockchain platform.
Earlier this week, group managing director Wong Thean Soon gradually increased his stake following a recent share buyback exercise by the group.
The most recent share buyback announced by the company was on March 22, where it bought two million shares at 72.5 sen a piece.
In the most recent shareholding changes filing on March 29, Wong bought five million shares or 0.068% in the e-government service provider via Asia Internet Holdings Sdn Bhd for 72 sen each.
This increased Wong’s stake, both direct and indirect, to 30.63%.
The change in interests excludes the 71.27 million shares bought back by the company, which are retained as treasury shares, the filing said.
The Zetrix deal
In a filing with Bursa yesterday, MyEG said exporters worldwide will now be able to register to use the service, known as Ztrade at Zetrix.com, and enjoy the benefits of faster and more convenient clearance processing.
East Logistics-Link vice general manager Haiying Zhao said with the relevant trade data on the blockchain, the agency could expect a significant increase in speed and efficiency of trade processing that benefits all stakeholders.
MyEG added that by leveraging Web 3 technologies, the Ztrade service could overcome the prevailing limitations of conventional technology architecture in providing a reliable method of securely and effectively digitalising trade clearance processing.
Ztrade would also support complementary trade facilitation services like supply chain financing and digital financial instruments as well as payment settlement, it added.
At noon break, MyEG’s share price rose 5.48% or 4 sen, to settle at 77 sen, giving it a market capitalisation of RM5.72 billion.