Robin Tan sells 1.72% stake in Iris, remains second biggest shareholder

Robin Tan sells 1.72% stake in Iris, remains second biggest shareholder
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KUALA LUMPUR (Feb 5): Businessman Datuk Seri Robin Tan — son of  tycoon Tan Sri Vincent Tan — has trimmed his stake in Iris Corp Bhd notwithstanding the group’s success in clinching an RM1.16 billion government contract for an immigration system.

According to a filing with Bursa Malaysia today, Robin disposed of 45 million shares or a 1.72% stake in the group via a married deal on Feb 2.

Checks on Bloomberg data showed that the substantial shareholder had sold the stake in a block at 41 sen per share, a 5.13% premium to the closing price of 39 sen on Feb 2.

With a remaining shareholding of 245.69 million shares or 8.079% in Iris, Robin is still the company’s second largest shareholder.

He first emerged as a substantial shareholder of Iris in September 2018 when he acquired 247.19 million shares or 8.333% in the company via a private placement.

He then gradually increased his stake in the company to 290.69 million or 9.799% in July last year.

For perspective, Robin had accepted the proposed placement of shares at 12 sen each back in 2018. On a back-of-an-envelope calculation, this would mean that Robin has made RM13.05 million from selling the 45 million shares on Feb 2.

Last week, Iris announced in a filing with Bursa that its wholly-owned subsidiary Iris Information Technology Systems Sdn Bhd had received a letter of award from the Ministry of Home Affairs to develop and deliver the immigration system.

Iris’ shares were down one sen or 2.7% to 36 sen today, valuing the group at RM1.09 billion. Over the past year, the counter has gained some 177% from 13 sen.

S Kanagaraju