Services Bhd (MyEG) is planning to add the provision of foreign workers accommodation to its core business, which it expects can potentially contribute 25% or more to its bottomline as a new source of recurring income. The new venture, via what it termed its Foreign Worker Accommodations Programme (FWAP), entails the setting up and management of centralised and integrated living quarters or hostels for the purpose of housing foreign workers, it said in a Bursa Malaysia filing today. The FWAP will provide accommodation services that can be rented by companies for their foreign workers or directly rented by foreign workers," it said. MyEG had, via its wholly-owned unit MY EG Sdn Bhd, incorporated MY EG Lodging Sdn Bhd as a 55%-owned unit, to oversee the FWAP. At present, MY EG Lodging has leased three sites in Melaka to operate as hostels under FWAP.

Source: The Edge Markets November 09, 2017 13:52 UTC