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Iris Inks RM170mil E-Passport Supply Deal

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KUALA LUMPUR: Iris Corp Bhd will supply 2.5 million 32-page Nigerian electronic passports under a US$42.49mil (RM170mil) supply agreement with Abuja, Nigeria-based Iris Smart Technologies Ltd (ISTL).

In a filing with Bursa Malaysia yesterday, Iris said the agreement signed yesterday was for a term of three years.

“Iris Corp shall from time to time supply and deliver such quantities of the e-passport in accordance with the letters of credit issued by the ISTL as specified in the agreement,” it said. ISTL is a system integrator and solution provider for the establishment and management of citizen database and identity management.

On the project risk, Iris said the implementation of the agreement might be subject to unavoidable delays arising from non-compliance of specifications and capabilities pursuant to the performance. “However, delays may affect the profit margins of Iris Corp as time shall be spent to resolve arising issues and will delay the recognition of revenue. The group will seek to limit the risks involved through prudent financial management and efficient operating procedures,” it said.

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