MyEG And Philippines-Based IPCVI Establish J-Venture Corp

KUALA LUMPUR, March 16 (Bernama) -- MyEG Services Bhd and Philippines-based I-Pay Commerce Ventures Inc (IPCVI) have entered into a joint-venture agreement to establish a joint-venture corporation (JVC) in the Philippines. The JVC is for the purpose of engaging in the business of development and implementation of electronic government services projects and provision of other electronic government related services. In a filing to Bursa Malaysia Wednesday, MyEG said it would invest up to US$2million (US$1=RM4.44) in three tranches, subject to certain milestones being achieved by the JVC. The JVC will enable MyEG to expand its georgraphical presence in the ASEAN region and open new frontiers where it will be able to offer expertise to operate government service and government-related services through the internet. Through the JVC, MyEG would also be able to continue to grow its business organically and expansion plans to offer its services to new market. IPCVI is a payment processing provider and direct agent of Western Union in the Philippines. -- BERNAMA