Versatile Creative falls 1.89% on Iris Corp stake disposal

PETALING JAYA: Versatile Creative Bhd's shares fell 1.89% this morning after announcing its plans to dispose of its 3.98% equity interest in Iris Corp Bhd, on the grounds of the stake being a non-core investment.
At 11.07am, the group's share price stood at 78 sen with 60,700 shares changing hands. Versatile Creative has a market capitalisation of RM91.5 million.
The group said it intends to use the proceeds from the proposed disposal which is expected to amount to RM16.24 million, to repay bank borrowings, purchase new equipment and machinery and foot the disposal expenses.