MyEG buys major stake in Car X

MyEG Services Bhd has acquired a substantial stake in Car X Services Sdn Bhd as part of its aim to penetrate the automotive classified business.

MyEG said its wholly-owned subsidiary My E.G. Capital Sdn Bhd, had subscribed for 800 ordinary shares of RM1 each in Car X Services, representing 80% of the issued and paid-up share capital of the company, for RM800.

“The subscription is to provide a new platform for the group to operate and manage an automotive classifieds web portal and other value-added services  for the automotive classifieds webportal,” sai MyEG in a filing with Bursa Malaysia yesterday.