PETALING JAYA: Iris Corp Bhd plans to team up with Qingjian International Group Co Ltd (QIGC) in undertaking the RM622.7mil mixed-development project awarded to it by Putrajaya Corp last November. The company, which derives about 70% of its pre-tax profit from the identification solutions business, told Bursa Malaysia yesterday that it had signed a memorandum of understanding (MoU) with QIGC, as it “is desirous” to appoint a co-developer for the project. Iris received the contract from Putrajaya Corp on Nov 26 last year to develop the 1Malaysia Civil Servants Housing Programme (PPA1M) and a mixed development (commercial and residential buildings) on 16.2 acres in Putrajaya. In its announcement to the exchange last year, Iris did not mention it would be seeking a joint-venture partner. PPA1M is a Government-initiated housing project that enables low- and medium-income civil servants to own affordable and quality homes in urban areas.

Source: The Star September 19, 2016 23:39 UTC