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Iris signs deal to buy Oil Field (0010)

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Iris signs deal to buy Oil Field (0010)

Post by hlk Thu 26 Jul 2012, 18:05

PETALING JAYA: Iris Corp Bhd has signed a sale and purchase of shares agreement for its purchase of Oil Field Services Ltd, formalising a heads of agreement inked two weeks ago.

On July 9, Iris Corp said it planned to acquire 2.55 million shares, or a 51% stake, in United Arab Emirates-based Oil Field Services through its wholly-owned subsidiary IRIS Eco Power Sdn Bhd for RM11.2mil.

The vendor is Durairaj Raja, an Indian national. It had earlier said the acquisition would be financed internally and via bank borrowings.

hlk: Moderator; Posts : 19013 Credits : 45112 Reputation : 1120
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