Legend rider, the reason it is called M.E.G. is simple, you can get this compound to join to itself, many times, so you can get di, tri, tetra, etc.
I can only assume that glycol, which is toxic to us, since it is oxidised to oxalic acid, in our bodies, and which causes death by forming insoluble calcium oxalate, which blocks your kidneys!
Does the same thing for the rot, I.e glycol oxidise to oxalic acid and this does the killing of the fungus.
No I do not assume fungi have kidneys!
However if are going use this stuff, wear gloves, and make sure that it isn't going to in contact with your skin.