Under the deal, Macquarie would have to pay RM15 million for the shares it intends to buy. According to the company, Macquarie Bank is committed to subscribe for a minimum number of subscription shares traded on Bursa Securities during which Bursa Securities is open for trading within a period of 180 trading days. It said the private placement is subject to the approval of shareholders as well as relevant authorities. As the proposed private placement is valid until Nov 16 this year, Iris said it will submit an extension request to Bursa or procure a new mandate. Shares in Iris closed unchanged at 16.5 sen today, for a market value of RM371.12 million.

Source: The Edge Markets October 31, 2016 15:30 UTC