KUALA LUMPUR: Iris Corp Bhd has secured the strategic partner and joint-anchor investor in the company as it plans to refocus its core identification solutions business and strengthen its operations in that segment.
Iris acting chief executive officer Choong Choo Hock said the board has approved the entry of a new investor to act as a joint-anchor alongside Felda Investment Corp Sdn Bhd (FIC).
FIC currently holds a 21.33 per cent stake in Iris.
"We have found the strategic partner to subscribe to the entire 10 per cent stake under the private placement and we will be making the announcement early next week," he told reporters during Federal Land Development Authority (Felda) chairman Tan Sri Shahrir Abdul Samad's visit to Iris here today.
It was earlier reported that Iris intends to place out up to 10 per cent of its stake to potential investors.
The company's plan to look at strategic partner was part of Iris' three-pronged corporate restructuring plan announced last month, which was approved by FIC and the board of Felda.
The plan involves a fundraising exercise potentially involving equity funding, short-term debt financing, divesting non-essential assets and accounts receivable factoring.