KUALA LUMPUR (June 4): Iris Corporation Sdn Bhd announced that it has entered a contract extension with the Republic of Senegal’s Ministry of Interior (MOI) for the supply and production of three million new biometric smart national identity cards and voter cards.

In an announcement today, the company stated that the contract was dated May 3, 2021, and it was formally informed of MOI’s approval and execution on June 3, 2021.

“Iris is to supply three million new biometric smart national identity cards and voter cards together with the relevant maintenance work.

“The contract is for the duration of two years commencing May 3, 2021, to May 3, 2023, with a total contract sum of FCFA10.5 billion (RM80.34 million based on Bank Negara Malaysia’s exchange rate as at June 3, 2021),” the announcement read.

Iris did caution that there are risk factors to consider but assures that the company will take appropriate measures to minimise such risks.

“The risk factors affecting the contract include changes in economic, political and regulatory environment and operational risks such as completion risk and shortage of materials and skilled labour which Iris would take appropriate measures to minimise.

“The contract may also be subjected to external risk factors such as the global, regional or national economic or health crisis,” Iris noted.

“The board of directors, having taken into consideration all aspects of the contract, is of the opinion that the contract is in the best interest of Iris and its shareholders,” the company said.

According to the company’s website, Iris has 25 years of experience in developing e-passports and multi-application eID cards, with clients in 34 countries across the globe.

At 3.45pm, Iris' share price rose half a sen or 1.75% to 29 sen, giving the company a market capitalisation of RM856.98 million.