KUALA LUMPUR (Jan 21): IRIS Corp Bhd saw its share prices trading at 5% higher subsequent to its announcement to jointly develop a residential project in Bukit Jalil with Technology Park Malaysia Corp Sdn Bhd (TPM).

As at 10:37am this morning, the counter was trading at 32 sen, up 1.5 sen or 4.918%, with 29.27 million shares transacted, translating to a market capitalisation of RM622.25 million.

In regards to the aforesaid development project, IRIS told Bursa Malaysia yesterday that it will invest an initial sum of RM130 million for first phase of the project.

As TPM is the beneficial owner of the land which spans 28.89 acres (11.69ha), IRIS will play the role of investor, contractor and developer of the project.

IRIS said the project will enable it to expand its business into residential accommodations and high-rise apartments.

“This project will further synergise the efforts of the company and TPM in creating a holistic technology educational hub, proposed to be established in TPM Bukit Jalil,” IRIS stated yesterday.

The project will be funded through internal funds and bank borrowings.