KUALA LUMPUR (Sep 22): Iris Corporation Bhd shares were among the most actively traded today on Bursa announcements that it had won the tender to become the approved refund agent for Good Services Tax (GST) paid by foreign tourists.
At 2:31pm today, shares of the technology company rose 2 sen to 42 sen with some 79 million shares traded.
Iris managing director Datuk Tan Say Jim said in a phone interview with theedgemalaysia.com said being selected for the tender was a good psychological boost for the company.
A technical analyst with Kenanga Research told theedgemalaysia.com that interest was beginning to return to the stock.
“Momentum is good at the moment and the short term trend is good for the stock,” he said.
He placed a short term resistance of 44 sen with a subsequent resistance target of 45 sen.
According to the announcement from Bursa, the investment amount for the Tourist Refund Scheme was said to be RM155.1 million and Iris will be paid an administrative fee of 15% from the GST refund services.
Iris said that the implementation of the tourist refund scheme would be financed through internally generated funds and bank borrowings
It added the appointment could be extended for a further two years.