KUALA LUMPUR: IRIS Corp Bhd (fundamental: 0.55; valuation: 0.6) is forming a joint venture (JV) with Technology Park Malaysia Corp Sdn Bhd (TPM) to jointly develop a residential project on a piece of land in Phase 3 TPM Bukit Jalil.

In a filing with Bursa Malaysia yesterday, IRIS Corp said it will be investing an initial sum of RM130 million for the implementation of the first phase of the project.

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

TPM is an agency under the purview of the Ministry of Science, Technology and Innovation, and is involved in providing technopreneur and enterpreneurship programmes for various industries.

Elaborating on the rationale for the JV, IRIS Corp 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,” said IRIS.

The project will be funded through internal funds and bank borrowings. At market close yesterday, IRIS Corp was down half a sen to 30.5 sen, with a market capitalisation of RM622.25 million.

This article first appeared in The Edge Financial Daily, on January 21, 2015.