Iris and Theta Edge Berhad have terminated the joint venture agreement on the potential to explore and identify future projects for mutual benefit.
The board said they agreed to terminate the Joint Venture mutually in accordance with the provision in the JVSA.
The Joint Venture was formed for the collaboration between the Parties to identify and procure future project(s) for the JVCo. In accordance with the JVSA, the Joint Venture was to commence for a period of one calendar year from the date of the JVSA from 16 August 2022 to 15 August 2023 unless terminated in accordance with the provisions in the JVSA.
Both have stated in the Bursa filing that the mutual termination will not have any material impact on the paid-up share capital substantial shareholders’ shareholdings, earnings per share, consolidated net assets per share and gearing. The Board said it had considered all aspects of the mutual termination, is of the opinion that the mutual
termination is in the best interest of IRIS.
