Reference is made to the announcements made on 10 February 2023, 10 May 2023 and 10 August 2023 in relation to the Proposed Disposal (“the Announcements”).

Unless otherwise defined, all abbreviations and definitions used throughout this announcement shall be the same as those previously defined in the Announcements.

The Board of Directors of IRIS wishes to announce that the Company had on 10 August 2023, upon TTTSB request, granted TTTSB a further extension of time to settle Tranche 2 Payment on or before 29 February 2024.  TTTSB had failed to make any settlement for Tranche 2 Payment on or before 29 February 2024.

In view of the above, the Company has elected to effectively terminate the SSA in accordance with Clause 11.2.2(A)(a)(i) of the SSA on 15 April 2024 (Effective Termination Date). Pursuant to Clause 11.2.2(A)(a)(i) of the SSA, the Deposit of RM7.0 million shall be forfeited on the Effective Termination Date.  

Save for forfeiture income of RM7.0 million arising from the forfeiture of the Deposit as stated above, this termination will not have any material effect on the issued and paid-up share capital, substantial shareholders’ shareholding, earnings per share, net assets per share and gearing of the Company and its subsidiaries for the financial year ending 31 March 2025.

This announcement is dated 15 April 2024.