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Iris ventures into property development in Solomon Islands

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Iris ventures into property development in Solomon Islands Empty Iris ventures into property development in Solomon Islands

Post by Cals Mon 20 Jan 2014, 18:58

Iris ventures into property development in Solomon Islands
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Monday, 20 January 2014 18:41

KUALA LUMPUR (Jan 20): Iris Corp Bhd (ICB) has acquired a controlling stake in a Solomon Island-based firm which has proposed to undertake a mixed property project there.

ICB said in a statement to Bursa Malaysia today that it has subscribed for 51% of JR Development (SI) Co Ltd (JRD) for Solomon Island Dollars (SBD) 6 million (RM2.97 million) through ICB's subsidiary, Iris Land Sdn Bhd (ILSB).

ICB said the acquisition of 10,408 rights shares in JRD will be financed by internally generated funds.

With the subscription, ILSB will participate in a project to develop residential, commercial, retail and industrial units on 40ha (100 ha) of land in Mamara within the Honiara area in the South Pacific nation.

“The subscription will enable the ICB Group to expand its construction and property development business overseas to an international level,” said ICB.

In an interview with The Edge Malaysia Weekly in November last year, Datuk Tan Say Jim, the managing director of ICB, said the group expected to enter into a joint venture with a Malaysian group from Sarawak that owns 1,000ha of beach-front land near Honiara, with 100ha of land to be developed in the first phase.
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