Iris Corp share price down marginally on loss of contract

Iris Corp share price down marginally on loss of contract

Company seeking legal advice before deciding on its next course of action.

Iris Corp saw its share price retreat marginally on the loss of a home ministry contract. (IRIS Corporation pic)
KUALA LUMPUR:
The share price of Iris Corporation Bhd (Iris Corp) retreated marginally today on news that it had lost a home ministry contract.

At 10.24am, it was down half-a-sen or 5.88% to eight sen with 29.13 million shares traded.

In a filing with Bursa Malaysia yesterday, the technology integrator and innovator said it was seeking legal advice and would take the necessary action to protect its interests.

The national integrated immigration system (NIISE) contract had been awarded to its wholly-owned subsidiary Iris Information Technology Systems Sdn Bhd (IITS).

“The termination is expected to have an impact on the group’s financial performance for the financial year ending March 31, 2024. However, the extent of the impact cannot be reliably ascertained at this juncture,” Iris Corp said.

“The company will make the necessary announcements, including the financial and operational impact arising from the termination,” it added.

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