Iris to supply e-passports for Nigeria in RM170mil deal


A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district in Nigeria's commercial capital Lagos February 4, 2016. Picture taken February 4, 2016. REUTERS/Akintunde Akinleye/File

KUALA LUMPUR: Iris Corp Bhd will supply 2.5 million 32-page Nigerian electronic passports under a US$42.49mil (RM170mil) supply agreement with Abuja, Nigeria-based Iris Smart Technologies Ltd (ISTL).

In a filing with Bursa Malaysia on Thursday, the provider of digital identification solutions said the agreement signed on Wednesday was for a term of three years.

“Iris Corp shall from time to time supply and deliver such quantities of the e-passport in accordance with the letters of credit issued by the ISTL as specified in the agreement,” it said.

ISTL is a system integrator and solution provider for the establishment and management of citizen database and identity management.

On the project risk, Iris said the implementation of the agreement might be subject to unavoidable delays arising from non-compliance of specifications and capabilities pursuant to the performance.

“However, delays may then affect the profit margins of Iris Corp as time shall be spent to resolve arising issues and will delay the recognition of revenue. Notwithstanding the above, the Iris Corp group will seek to limit the risks involved through prudent financial management and efficient operating procedures,” it said.

Iris Corp shares inched up half a sen to close at 14.5 sen on Thursday, with 964,000 shares changing hands.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Blistering solar growth runs into grid blocks
Opportunities in Kazakhstan and Uzbekistan
Hot-pot chain eyes global growth after strong US debut
Cocoa falls as better African weather eases supply concerns
UK central bank warns markets of change
Mega First sees better earnings for core ops
Krugman says he’s ‘fanatically confused’ on where rates are going
Fund says Indian bonds underpricing index move
India’s mid-tier firms gain share
Paytm signals job cuts, asset sales after regulatory probe

Others Also Read