KUALA LUMPUR (May 25): Iris Corp Bhd was among the top active stocks on Bursa Malaysia on Thursday (May 25) morning trade, after it announced that the government had granted its wholly owned subsidiary a one-year extension for the National Integrated Immigration System (NIISe) project.
At 10.35am, Iris Corp was the eighth most active counter on Bursa Malaysia, with 15.23 million shares changing hands — one-and-a-half times its 200-day average trading volume of 9.71 million shares.
Meanwhile, its share price rose one sen or 9.52% to 11.5 sen, giving it a market capitalisation of RM373.75 million.
On Wednesday, the group announced that its unit Iris Information Technology Systems Sdn Bhd (IITS) had received a letter of contract extension from the Ministry of Home Affairs stating it agreed to extend the duration of the job for a period of 12 months between Sept 1, 2025 and Aug 31, 2026.
IITS was awarded the RM1.16 billion contract in January 2021, for a period of 54 months from March 1, 2021 until Aug 31, 2025.
In February, Iris Corp had entered into a share sale agreement to sell an 80% stake in IITS for RM70 million cash to Tass Tech Technologies Sdn Bhd, a unit of Tass Tech (M) Sdn Bhd.
The group said the deal, which is expected to be concluded in August, will unlock its investment in IITS and contribute positively to its cash flow, with proceeds from the sale to be used for working capital and any future business expansions.