Iris to replicate farming project in China

by **Cals** Tue 04 Mar 2014, 10:30

Iris to replicate farming project in China
Business & Markets 2014
Written by Wei Lynn Tang of theedgemalaysia.com
Tuesday, 04 March 2014 09:42

KUALA LUMPUR: Iris Corp Bhd has signed a memorandum of understanding (MoU) with the CPC Handan Municipal Committee of China to replicate its agro-economy integrated farming prototype in Handan city, China.

Dubbed the Rimbunan Kaseh project, the integrated agro-economy farming prototype provides food security and housing using the Iris-Koto integrated building system, which has been successfully implemented by Iris in several states in Malaysia.

“It is about making rural space sustainable and this prototype will be replicated and transferred to the Handan Municipality,” said Iris in a filing with Bursa Malaysia yesterday.

The MoU will be in force for six months and will expire automatically subject to parties entering into an extension or a definitive agreement for the project whichever is sooner.

The rationale for this MoU came about from the mutual benefit each party has towards cultivating and ensuring the growth of a productive, healthy and economically sustainable society in Handan.

“The board is of the opinion that the successful implementation of this MoU will contribute positively to the future earnings of the Iris Corp Group,” Iris said.

It is understood the MoU does not require the approval of Iris shareholders or government authorities.

For its third quarter financial ended Dec 31, 2013 (3QFY14), Iris Corp reported a net profit of RM5.4 million on revenue of RM149.5 million, up from RM642,000 and RM122.8 million respectively in the previous corresponding quarter.

This article first appeared in The Edge Financial Daily, on March 04, 2014.