Iris jumps 6.06% on tie-up with China property developer

KUALA LUMPUR (Sept 20): Shares of Iris Corp Bhd jumped 6.06% in active trade this morning after the company said it plans to tie up with a China-based property developer to undertake its 1Malaysia Civil Servants Housing (PPA1M) project in Putrajaya.

At 9.14am, Iris rose 1 sen to 17.5 sen with 6.67 million shares done.

The company yesterday entered into a memorandum of understanding with Qingjian International Group Co Ltd (QIGC) to set up a special purpose joint venture company (SPV).

"Iris and QIGC have agreed to discuss in good faith and mutually agree upon the terms and conditions to incorporate the SPV," it said in a filing.

"The parties have agreed to define their roles, shares and interests in relation to the SPV and the project," it added.

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