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NewsIris diversifies into RM71m agricultural biz in Papua New Guinea
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Iris diversifies into RM71m agricultural biz in Papua New Guinea
by Cals Tue 15 Apr 2014, 01:04
| Iris diversifies into RM71m agricultural biz in Papua New Guinea |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Monday, 14 April 2014 17:54 |
KUALA LUMPUR (Apr 14): Iris Corporation Bhd has diversified into a RM71 million agricultural business via a joint venture (JV) with Alvery Resources Limited in Papua New Guinea.
In a statement to Bursa Malaysia, the digital solutions provider said today it entered into a JV agreement with Alvery Resources for the proposed development of 247,105 acres of land in Oro District, Papua New Guinea for an agricultural business.
According to the statement, the JV agreement covers land clearing, logging, plantation and setting up of factories for various agricultural commodities.
“The proposed agreement is to enable the group to expand its business in the realty and development industry overseas; expanding on plantation and plantation commodities and related businesses,” said Iris.
“Barring unforeseen circumstances, the board is of the opinion that the JV will contribute positively to the earnings of the group in the future,” it said.
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