KUALA LUMPUR (Dec 2): Cuscapi Bhd has disposed of 4.5 million shares in e-government services provider MyEG Services Bhd at 95.4 sen a share or a total of RM4.24 million.

Following the open market transaction on Thursday (Dec 1), the point-of-sale (POS) systems provider’s stake in MyEG has come down to 0.159%, from 0.215% as of Feb 4.

“The disposal serves as an opportunity for the company to realise some gains from the investment and to improve its cash flow,” said Cuscapi in a bourse filing.

The disposal, it added, resulted in a gain of RM130,217 for the group, which will go towards its working capital needs.

MyEG’s co-founder Wong Thean Soon has a direct stake of 14.69% or 138.81 million shares in Cuscapi.

Wong is MyEG’s largest shareholder with a 30.547% stake, followed by Retirement Fund Inc (KWAP) with 7.046%, and the Employees Provident Fund with 6.705%.

Cuscapi’s share price closed half a sen or 2.13% lower at 23 sen on Friday (Dec 2) for a market capitalisation of RM212.6 million. MyEG fell 1.5 sen or 1.58% to 93.5 sen, valuing the group at RM6.95 billion.