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All eyes on Iris Corp
by hlk Tue 18 Feb 2014, 11:06
IRIS Corp Bhd (Iris) has breached the RM1 billion market capitalisation mark amid the stock's continued rally amid rumours that the Federal Land Development Authority (Felda) may attempt to take over the company.
Last Wednesday, the ACE Market-listed stock surged to 50 sen, its highest close in nearly nine years, which gives it a market capitalisation of RM985 million.
Latest data from Bloomberg shows that the biometric solutions provider now has a market capitalisation of RM1.05 billion.
The stock rose to an intraday high of 54 sen yesterday before closing the day two sen higher at 53 sen, with 85.46 million units changing hands.
Talk on a Felda takeover plan spread like wildfire on the trading floor recently.
In an attempt to douse the rumours, Iris managing director Datuk Tan Say Jim was quoted as saying that there was no discussion (on the matter) at the board level.
Felda owns 26.7 per cent of Iris while Tan's stake is believed to be under 11 per cent.
Iris provides identification solutions to four countries in Africa, namely Egypt, Tanzania, Senegal and Nigeria.
Read more: All eyes on Iris Corp [You must be registered and logged in to see this link.]
Last Wednesday, the ACE Market-listed stock surged to 50 sen, its highest close in nearly nine years, which gives it a market capitalisation of RM985 million.
Latest data from Bloomberg shows that the biometric solutions provider now has a market capitalisation of RM1.05 billion.
The stock rose to an intraday high of 54 sen yesterday before closing the day two sen higher at 53 sen, with 85.46 million units changing hands.
Talk on a Felda takeover plan spread like wildfire on the trading floor recently.
In an attempt to douse the rumours, Iris managing director Datuk Tan Say Jim was quoted as saying that there was no discussion (on the matter) at the board level.
Felda owns 26.7 per cent of Iris while Tan's stake is believed to be under 11 per cent.
Iris provides identification solutions to four countries in Africa, namely Egypt, Tanzania, Senegal and Nigeria.
Read more: All eyes on Iris Corp [You must be registered and logged in to see this link.]
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