Its share price rebounded by 7 sen or 11.2% to 70 sen today, giving it a market capitalisation of RM5.15 billion. This follows a 2 sen increase yesterday.

By the end of trading last Friday, the e-government services provider had fallen 10 sen or 14.69% to 61 sen, valuing the company at RM4.53 billion.

Since then, the stock has managed to claw back RM620 million of its value with a 14.75% rise in the share price.

Yesterday, MyEG announced in a Bursa filing that “vehicle owners and drivers can continue renewing road taxes and driving licences as usual” through its existing channels.

In a separate filing yesterday, the group shared that its blockchain infrastructure Zetrix was selected to be a component of a government-to-government collaborative research programme with the Chinese government.

The collaboration includes Universiti Malaya (UM) and the China Academy of Information and Communications Technology (CAICT) as strategic partners. According to MyEG, the research would involve proposing a system that could prevent fraud in supply chain processes using blockchain technology for cross-border trade.

The recent announcements appear to have restored some confidence in the group, giving the stock an upward momentum. Whether this will continue remains to be seen.

Last Friday, its share price tumbled following transport minister Loke Siew Fook’s statement that private vehicle owners will no longer need to display their vehicle licence (road tax sticker) on the windscreen or carry a physical copy of their driving licence.

This was preceded by a 26.7% crash on Tuesday last week after immigration director-general Khairul Dzaimee Daud announced that all immigration services would be fully back under government management by 2025.

Cumulatively, MyEG’s share price tanked 36.5% last week to close at 61 sen on Friday.