Wednesday 24 Apr 2024
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KUALA LUMPUR (Sept 7): ACE Market-listed Iris Corp Bhd said today it has received a letter of intent (LOI) to procure 15 million International Civil Aviation Organization (ICAO)-compliant electronic contactless inlays along with its operating system (in 2ups), which is required for the manufacture of Indian e-passports, worth US$27.54 million.

In a filing with Bursa Malaysia today, the group said the LOI was received from the India Security Press.

“The company will supply [a] pre-production sample of 1,000 Inlays within three months after issuance of the LOI; and the company is requested to furnish Performance Security/Security Deposit equivalent to 10% of contract value within 21 days from the date of issuance of the LoI,” added Iris.

The project is expected to contribute positively to Iris’ earnings during its tenure.

Iris said it will make further announcements should there be any material updates in relation to the project.

Iris shares closed 1.5 sen or 3.95% lower at 36.5 sen today, valuing the group at RM1.08 billion. A total of 80.79 million shares were traded. Year-to-date, the counter has surged 161% from 14 sen.

Edited ByKang Siew Li
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