Electronic government services provider MyEG Services Bhd has recently proposed to purchase a controlling stake in popular food review website Eat Drink KL.
Terms of the deal were not disclosed, but it is reportedly said that Eat Drink KL will become a subsidiary of MyEG.
Upon the completion of the paperwork, Eat Drink KL will likely be parked under MyEG’s wholly-owned investment holding company MyEG Capital Sdn Bhd.
The firm also holds a controlling stake in online advertising firm MyEG Ad Networks Sdn Bhd, auto classified Car X Services Sdn Bhd, diversified media solutions provider Picasso Media Sdn Bhd and online television provider Hurr Tv Sdn Bhd.
At present, MyEG Capital contributes a negligible revenue to MyEG Group, deriving the bulk of its revenue from developing and implementing e-government services, both with concession and non-concession methods.
Traditionally, the organization has been 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 driver’s license renewal.
But the organization has taken a path to diversification in the past few years, shifting to commercial solutions and services which no longer renders it as just a concession for various e-government applications.
Eat Drink KL, on the other hand, started since February 2009 and is currently wholly owned by Sean Yoong, a former journalist at Associated Press for 14 years.
At the same time, Yoong is also writing for EatDrink, another food review website owned by media company The Expat Group via TEG Digital Sdn Bhd. The company publishes The Expat magazine since 1996, providing information about Malaysia to the English-speaking audience.