KUALA LUMPUR (June 18): Iris Corp Bhd shares soared to a one-month high of 15.5 sen as it proposed a 20% share issuance and allotment to its major shareholders Datuk Poh Yang Hong and Datuk Rozabil Abdul Rahman, and Berjaya Corp Bhd chief executive officer and executive director Datuk Seri Robin Tan, for RM59.33 million or 12 sen apiece.

At 10.52am, the most active counter across Bursa Malaysia gained two sen or 14.81% with 99.11 million shares done, more than its 30-day average volume of 13.91 million, for a market capitalisation of RM383.15 million. In a year, the stock has grown 3.33%.

Last Thursday (June 14), Iris said the proposed share issuance enabled it to raise funds for its working capital and capitalise on future business projects/investments without incurring additional interest costs compared to bank borrowings.

The largest portion of the proposed subscription of 247.19 million shares at RM29.66 million is expected to be taken up by Tan while Poh would acquire 197.19 million shares at RM23.66 million. Rozabil may subscribe 50 million shares at RM6 million.

The proposed exercise is expected to be completed by the fourth quarter of 2018.

The e-passport and smart card manufacturer also announced three boardroom changes where Poh and Rozabil were redesignated as president and managing director, and executive director, respectively.

Caprice Capital International Ltd CEO Poh, 45, was previously a non-independent director in Iris while Rozabil held the post of deputy chairman in the group.

Rozabil, who is also the group MD of Destini Bhd, and Poh currently hold a 10.3% stake in Iris via Caprice Development Sdn Bhd.

Iris was co-founded by the group's former MD Datuk Tan Say Jim, who retired at the age of 60 last year after serving the company for 21 years.