Versatile Creative eyes digital wallet-related venture

KUALA LUMPUR: Versatile Creative Bhd and Iris World Marketing Sdn Bhd are considering to develop 250 Irispay station e-concept stores nationwide with a “gross development value” of up to RM70mil.

In a filing with Bursa Malaysia, Versatile Creative said its unit Versatile Smart Resources Sdn Bhd had signed a memorandum of agreement with Iris World to establish a basis for both parties to explore the feasibility of developing and creating these stores to support Irispay digital medium of payment.

The estimated “gross development value” of the project is between RM62.5mil and RM70mil, it said.

The printing and packaging solutions provider said IWMSB intended to work together with its unit, whose core activity is trading, and “act as a commissioned agent to do project management consultancy works of business of property development and building construction.”

“The project appears to be different from Versatile Creative’s core business and approval from (shareholders for) the proposed diversification might be required,” it said.

The company said it expected a definitive agreement would be drawn up within three months.