Malaysia: MyEG to buy food review website Eat Drink KL

View of Malaysia's Twin Towers at night

Malaysia’s electronic government services provider MyEG is in talks to buy a controlling stake in food review website Eat Drink KL.

According to the report in The Edge on Wednesday, MyEG is close to sealing a deal with the website owned by former Associated Press journalist Sean Yoong. The terms of the deal were not disclosed.

Malaysian stock exchange-listed MyEG has not formally made any announcement on the deal or issued a denial.

After the acquisition, Eat Drink KL may become a part of MyEG-subsidiary MyEG Capital Sdn Bhd that owns online advertisement platform MyEG Ad Networks, Car X Services, Picasso Media Sdn Bhd and online television provider Hurr TV Sdn Bhd, the report said.

Traditionally, MyEG is engaged in the development and implementation of e-government services and the provision of solutions for Malaysian e-government initiatives like vehicle road tax and drivers’ licence renewal and foreign workers’ permit renewal.

However, the organisation has taken to a diversification path in the past few years. In February this year, its subsidiary Hurr Tv Sdn Bhd formed another subsidiary MUCA Wellness Sdn Bhd which is expected to engage in e-commerce activities.

The organisation has always been seen as one dependant on government contracts but now MyEG is trying to reshape that image. It said in an interview to a local daily earlier this year that commercial solutions and services form 70 per cent of its business “thus no longer rendering it just a concession for various e-government applications”.

Nevertheless, this year it bagged a government contract for online renewal of the temporary employment passes for foreign workers for the Immigration department. The fiver-year project is estimated at MYR553.85 million.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.