Iris Corp appoints new directors

20/07/17

Malaysian identity solutions firm Iris Corp has appointed two new directors.

Destini Bhd group managing director Datuk Rozabil Rozamujib Abdul Rahman and Caprice Capital International Ltd chief executive Datuk Paul Poh Yang Hong
Read have joined the company.

n a filing with Bursa Malaysia, Iris said the appointments of Rozabil, 45, and Poh, 44, were effective on July 7, the date of the completion of a private placement exercise.

There has been speculation over the last few weeks that Rozabil and Poh, through their investment vehicle Caprice Development Sdn Bhd, would be coming into the loss-making company via the 10% share placement.

Rozabil has helmed integrated engineering solutions provider Destini Bhd since January 2011. He is also a substantial shareholder of Destini, with direct and indirect equity interest of 23.9%.

Iris recently carried out the private placement exercise of 224.72 million new shares at 14 sen ($0.03) per share to raise gross proceeds of RM31.46mil, but did not identify the placee in its earlier announcement to the exchange.

The issue price represented a discount of about 5.2% to the five-day volume weighted average price of Iris shares up to and including June 21 of 14.77 sen.

Following the placement exercise, Felda Investment Corp Sdn Bhd, Iris’ biggest shareholder, saw its stake diluted to 19.4%.
 
Iris plans to use the proceeds - apart from settling estimated expenses relared to the exercise - to meet its working capital requirements and/or for future business projects/investments.

In May, Iris wrote down RM160.8mil for its non-core business divisions and reported a huge unaudited loss of RM291.9mil in its fourth quarter ended March 31, 2017, worsening its loss to RM319mil for the full year from a net profit of RM6.1mil the preceding year.
 

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