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KUALA LUMPUR: Iris Corporation Bhd (ICB) is venturing into a new business segment with the joint development of a 150-hectare social housing project in Bambilor, Senegal.
ICB via its subsidiary, Iris Eco Power Sdn Bhd (IEP) has entered into memorandum of understanding (MoU) with Caisse des Depots et Consignations (CDC) on July 5 to form a joint venture company (JVCO), announced the group in a filling with Bursa Malaysia on Thursday, July 8.
IEP will own 49%% stake in the project, while 49% will be owned by CDC and the JVCO would be capitalised at 100,000 euros (RM407,000). ICB expects this new business segment to provide an additional source of revenue for the group.
Under the terms of the MoU, CDC and IEP will jointly carry out and complete a comprehensive project feasibility study, including the master plan, costings and the financial plan, the marketing plan and the project implementation plan within a period of six months.
A minimum of 1,000 houses is expected to be built within one year of the completion of the feasibility study, while the entire project is scheduled to be completed within five years.
The MoU is available for inspection at the registered office of ICB during office hours from Monday to Friday (excluding public holidays) at Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, for a period of three months from the date of this announcement.
ICB via its subsidiary, Iris Eco Power Sdn Bhd (IEP) has entered into memorandum of understanding (MoU) with Caisse des Depots et Consignations (CDC) on July 5 to form a joint venture company (JVCO), announced the group in a filling with Bursa Malaysia on Thursday, July 8.
IEP will own 49%% stake in the project, while 49% will be owned by CDC and the JVCO would be capitalised at 100,000 euros (RM407,000). ICB expects this new business segment to provide an additional source of revenue for the group.
Under the terms of the MoU, CDC and IEP will jointly carry out and complete a comprehensive project feasibility study, including the master plan, costings and the financial plan, the marketing plan and the project implementation plan within a period of six months.
A minimum of 1,000 houses is expected to be built within one year of the completion of the feasibility study, while the entire project is scheduled to be completed within five years.
The MoU is available for inspection at the registered office of ICB during office hours from Monday to Friday (excluding public holidays) at Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, for a period of three months from the date of this announcement.
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