Iris Corp to dispose of 80% stake in unit for RM70mil

KUALA LUMPUR: Iris Corporation Bhd (Iris Corp) has entered into a shares sale agreement (SSA) with Tass Tech Technologies Sdn Bhd (Tass Tech) for the disposal of 80 per cent equity interest in its unit, Iris Information Technology Systems Sdn Bhd (IITS), for RM70 million in cash.

In a filing with Bursa Malaysia, Iris Corp said the proposed disposal would enable the company to unlock its investment in IITS, and the disposal consideration will contribute positively to its cash flow.