Iris Corp sells 29.8% of Versatile Creative for RM21mil

Iris core activites include property, digital identity.

KUALA LUMPUR: Iris Corp Bhd is selling a 29.83% of Versatile Creative Bhd for RM21mil to  Edmund Fong R Boon as it seek to unlock the value of assets which are not part of its core business.

Iris, which core activites range from digital identity, business, farming and environmental solutions, said on Wednesday it had signed a sale and purchase agreement to dispose of the stake comprising of 35 million shares of 50 sen each.

Iris said the proposed disposal was part of the group’s exercise to realign its focus on its core business which includes education and property development.

It is currently undertaking the Sentuhan Kasih and Rimbunan Kasih projects in Peninsular Malaysia, construction of schools in Sarawak and the housing development projects in Papua New Guinea.

It said the purchase price had been derived on a willing buyer-willing seller basis, after taking into consideration a premium over the net assets of the group based on its latest audited financial statements as of March 31, 2015.

The proceeds of the sale would be used for the group’s working capital and the repayment of its borrowings.

Versatile Creative trades in paper board packaging products, offset printed bpoxed and offset laminated cartons.