Iris forms JV in Papua New Guinea

KUALA LUMPUR: Iris Corp Bhd has entered into a US$22mil (RM71.2mil) joint-venture (JV) agreement with Papua New Guinea-based Alvery Resources Ltd for the development of agricultural business.

In a filing with Bursa Malaysia, Iris corp said the JV was for the proposed development of 100,000ha of land in Papua New Guinea for agricultural and business purposes including but not limited to land clearing, logging, plantation and setting up of factories for various agricultural commodities.

“The proposed agreement is to enable Iris to expand its business in the realty and development industry overseas, expanding on plantation and plantation commodities and related businesses,” it said.