Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 3): Versatile Creative Bhd is partnering Iris World Marketing Sdn Bhd (IWMSB) to explore possibility of developing concept stores throughout Malaysia for a mobile payment platform.

In a filing today, Versatile Creative said its wholly-owned unit Versatile Smart Resources Sdn Bhd (VSR) has signed a memorandum of agreement (MoA) with IWMSB to look into the development of some 250 IRISPAY station E-Concept Stores, prior to entering into a definitive agreement by both parties.   

The development has an estimated gross development value (GDV) of between RM62.5 million and RM70 million, Versatile Creative said, with IWMSB being responsible to procure financing for the project. 

“IWMSB intends to work together with VSR whose core activity is in trading business, and acts as a commissioned agent to do project management consultancy works of business of property development and building construction,” the filing added.

Versatile Creative, which is principally involved in manufacturing of paper and boxboard packaging products, noted this project appears to be different from its core business. 

“Approval from proposed diversification might be required in embarking on new business after obtaining shareholders approvals,” Versatile Creative said.

Versatile Creative said it anticipates a definitive agreement to be drawn up within three months from the date of the MoA. 

IRISPAY, according to its official website, is developed by Iris World International Group Bhd. The mobile payment service is currently available in Malaysia and Singapore.

Versatile Creative’s share price has been on a downtrend since hitting its one-year high of RM1.68 on June 30. The counter last closed up half a sen or 0.57% at 88.5 sen, giving it a market capitalisation of RM103.85 million.

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