Versatile Creative share price up on plans to develop e-concept stores

PETALING JAYA: Versatile Creative Bhd’s share price rose 1.13% this morning after it entered into a memorandum of agreement (MOA) with Iris World Marketing Sdn Bhd to explore the development of 250 IRISPAY station e-concept stores throughout Malaysia.
As at 10.40am, Versatile's share price stood at 89.5 sen with 2.59 million shares changing hands. It has a market capitalisation of RM109 million.
Upon entering into the MOA, Versatile will conduct an evaluation of the viability and feasibility of the project, which has an estimated gross development value of about RM62.5 million, 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.