Iris Corp in Senegal property JV

PETALING JAYA: Iris Corp Bhd (ICB) through its subsidiary Iris Land has entered into a joint venture agreement (JVA) with Caisse Des Depots Consignations (CDC), a Senegalese government-owned trust company, for the proposed joint venture (JV) to construct and complete a mixed development of residential and commercial units in Senegal with gross development value of RM800mil.

The group told Bursa Malaysia yesterday that Iris Land will hold 49% stake in the JV while the remaining will be own by CDC .

It said Iris Land will finance its obligations via a combination of bank borrowings and internally-generated funds.

It added that the JV is an additional opportunity for ICB to venture into the property development sector in Senegal and this proposed JV represented an additional revenue stream to ICB.

ICB said the JVA would not have any effect on the issued and paid-up share capital, substantial shareholder's shareholding earnings, earnings per share, net assets per share and gearing of ICB group for the financial year ending Dec 31, 2011.

Barring unforeseen circumstances, the board is of the opinion that the JVA will contribute positively to the earnings and earnings per share of the ICB group in the future.

By The Star