Iris shares rise 14.81% on proposed share issuance

PETALING JAYA: Iris Corp Bhd’s share price rose 14.81% this morning after it announced plans to raise RM59.33 million from a proposed share issuance last week.
At 10.51am, its share price was 14.81% or 2 sen higher at 15.5 sen with 99.09 million shares traded, making it the top most active stock this morning. Last Thursday, its share price rose 3.85% to close at 13.5 sen, with 21.28 million shares traded.
Last Thursday, the company announced a proposed share issuance of 494.38 million new shares representing 20% of the total number of issued shares of the company, to be issued at an issue price of 12 sen per subscription share.
It expects to raise gross proceeds of RM59.33 million, of which RM58.83 million will be used for working capital and future business projects/investments that have not been determined yet. The balance RM500,000 will be used for estimated expenses.