Iris Corp has informed that its proposed disposal of 80% stake in its wholly owned subsidiary Iris Information Technology System for RM70 million to Tass Tech Technologies Sdn Bhd has fallen through.
The principal activities of IITS are engaged in trusted identification related maintenance and services, marketing of contact and contactless smart technology-based products.
The deal which was first announced on February 2023 has now been confirmed as being terminated, Iris said TTTSB had requested a further extension of time to settle Tranche 2 payment on or before 29 February 2024 however it failed to make any settlement before the deadline.
In view of the this, Iris terminated the SSA and forfeited the RM7 million deposit.
