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Iris diversifies into RM71m agricultural biz

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Iris diversifies into RM71m agricultural biz Empty Iris diversifies into RM71m agricultural biz

Post by Cals Tue 15 Apr 2014, 11:46

Iris diversifies into RM71m agricultural biz
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 15 April 2014 09:59

KUALA LUMPUR: Iris Corp Bhd has diversified into a RM71 million agricultural business via a joint venture (JV) with Alvery Resources Ltd in Papua New Guinea (PNG).

In a statement to Bursa Malaysia yesterday, the digital solutions provider said it had entered into a JV agreement with Alvery Resources for a proposed development of 247,105 acres (99,978.7ha) in Oro District, PNG for an agricultural business.

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,” it said.


This article first appeared in The Edge Financial Daily, on April 15, 2014.
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