KUALA LUMPUR (May 15): Iris Group Bhd (KL:IRIS) surged 83% in morning trade on Friday, prompting an unusual market activity query from the regulator.
Bursa Malaysia has asked the company to explain the sharp rise in its share price and trading activity, including whether there are any undisclosed corporate developments, rumours, or other factors behind the movement, and to confirm its compliance with listing rules. The company must respond after consulting its board and relevant parties.
The stock hit a more than one-year high of 33 sen before closing the morning session 69.44% higher at 30.5 sen, with 53.27 million shares traded. It was the second most actively traded stock on the exchange.
The last price values the company at RM248.8 million.
The company, known for its digital identity solutions including electronic passports and MyKad systems, rebranded and transferred its listing from Iris Corporation Bhd to Iris Group Bhd on Jan 7, 2026.
On the same day, executive chairman Dr Poh Soon Sim’s son, Datuk Poh Yang Hong, who previously served as group managing director from June 2018 to March 2021, was reappointed to the same role.
Soon Sim, 80, who has held the post of executive chairman since August 30, 2023 and was once the largest shareholder via Orientalgold Equity Sdn Bhd and Poh Associates Sdn Bhd, has reduced his stake this year to a direct 0.23% and an indirect 2.464%.
Yang Hong’s, 53, stake has instead gone up to a direct stake of 2.305% and an indirect stake of 10.582%, via Orientalgold Equity and Poh Associates.
For the financial year ended March 31, 2025, the group reported a net profit of RM23.9 million, down 25.8% from RM32.2 million a year earlier, while revenue fell 40.4% to RM221 million due to lower deliveries of ePassports and eID cards across key overseas projects. The group also started supplying Touch 'n Go with smart cards in financial year 2025.