IRIS looks to dispose of 80% equity interest in Iris Information to Tass Tech Technologies Sdn. Bhd for a total cash consideration of RM 70 million.
Iris Information Technology Systems is company incorporated under the laws of Malaysia and as of the date of SSA, the total issued and paid-up shares capital of IITS is 6,000,000-00 ordinary shares and RM6,000,000-00 respectively. The principal activities of IITS are engaged in trusted identification-related maintenance and services, marketing of contact, and contactless smart technology-based products.
Based on IITS’s latest audited financial statement for financial year ended 31 March 2022, the net profits attributable to the Company and net assets value are RM0.48 million and RM37.50 million respectively.
The acquirer Tass Tech Technologies Sdn Bhd is principally engaged in IT technology-related business and as of 9 February 2023, being the latest practicable date prior to this announcement the directors of TTTSB are YM Raja Muhammad Badiuzzaman Bin Raja Chulan and Cik Malisa Binti Mohd Zaki. TTTSB is wholly owned by Tass Tech (Malaysia) Sdn Bhd.
