SMART identification specialist Iris Corp Bhd has bagged a contract to supply access cards to the Asia-Pacific Economic Cooperation (APEC) worth RM3.94 mil for a period of one year from Jan 23.
Iris Corp, in a Jan 28 filing with Bursa Malaysia, said Iris Information Technology Systems Sdn Bhd (IITS), its wholly owned subsidiary, received an acceptance letter on Jan 24 from the Ministry of International Trade and Industry (MITI) for the supply of the access cards.
“The contract will not have any effect on the share capital and shareholding structure of Iris Corp. However, the contract is expected to contribute positively to the earnings and net assets per share of Iris for the financial years ending March 31, 2020 onwards until the expiry of the contract,” the company said.
According to Iris Corp, the letter of award requires IITS to furnish a performance bond for RM197,212.64 to MITI.
“The risk factors affecting the contract include changes in economic, political and regulatory environment and operational risks such as completion risk and shortage of materials and skilled labour which Iris Corp and IITS would take appropriate measures to minimise,” the company said.
Iris Corp’s share price closed 3.7% lower to 13 sen on Jan 28. – Jan 28, 2020
