KUALA LUMPUR (June 20): Iris Corp Bhd has fixed the price for its proposed share issuance at 12 sen each. The technology-consulting provider plans to place out up to 494.38 million new shares.

The issue price is at a discount of about 11% to the five-day value weighted average market price of IRIS shares up to and including June 13 of 13.49 sen, Iris said in a Bursa Malaysia filing today.

The discount was deemed necessary to secure the participation of three subscribers, Iris told Bursa Malaysia today.

The three are Datuk Seri Robin Tan Yeong Ching, Datuk Poh Yang Hong and Datuk Rozabil @ Rozamujib Abdul Rahman, who have expressed their acceptance to participate in the proposed share issuance and allotment at 12 sen apiece.

Iris expects to raise gross proceeds up to RM59.33 million from the proposed placement, of which some RM58.83 million will be used for working capital and future business projects or investments, with the remainder to be used to defray estimated expenses for the proposed exercise.

The company's stock was among the top 10 active stocks on Bursa today, with 27.28 million shares done. It closed one sen or 6.67% higher at 16 sen, bringing it a market capitalization of RM395.50 million.