Versatile Creative to explore RM62.5 million e-concept stores for IRISPAY station

PETALING JAYA: Versatile Creative Bhd has entered into a memorandum of agreement (MOA) with Iris World Marketing Sdn Bhd for both parties to explore the development of 250 IRISPAY station E-Concept Stores throughout Malaysia with an estimated gross development value of about RM62.5 million.
Upon entering into the MOA, Versatile will conduct an evaluation of the viability and feasibility of the project and a due-diligence exercise on Iris World.
The company expects the project to contribute positively to its earnings and earnings per share for the financial year ending March 31, 2018 and 2019 should the project materialise in due course.
Versatile is involved in trading business and acts as a commissioned agent to do project management consultancy works of business of property development and building construction.
However, the project appears to be different from Versatile’s core business and approval from proposed diversification might be required in embarking on the new business after obtaining shareholders approvals.
The definitive agreement is to be drawn up within a period of three months.
Versatile shares were up by half a sen to close at 88.5 sen yesterday on some 459,500 shares done.