KUALA LUMPUR (Jan 20): Iris Corporation Bhd is forming a joint-venture (JV) with Technology Park Malaysia Corporation Sdn Bhd (TPM) to jointly develop a residential project on a piece of land in Phase 3 TPM Bukit Jalil.
In an announcement to the local bourse today, Iris (fundamental: 0.55; valuation: 0.6) stated it will be investing an initial sum of RM130 million for the implementation of the first phase of the project.
According to the announcement, TPM is the beneficial owner to the land which spans approximately 28.89 acres, while Iris will play the role of investor, contractor and developer of the project.
TPM is an agency under the purview of the Ministry of Science, Technology and Innovation, and is involved in providing technopreneur and enterpreneurship programmes for various industries.
Elaborating on the rationale for the JV, Iris said the project will enable it to expand its business into residential accommodations and high rise apartments.
“This project will further synergize the efforts of the company and TPM in creating a holistic technology educational hub, proposed to be established in TPM Bukit Jalil,” the company said in the announcement.
The project will be funded through internally-generated funds and bank borrowings.
At market close today, Iris was down half a sen to 30.5 sen, with a market capitalisation of RM622.25 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)