Iris takes stake in Palau resort development

PETALING JAYA (Feb 21, 2014): Iris Corp Bhd's subsidiary, Iris Land Sdn Bhd is taking a 30% stake in the owner and developer of a 75ha villa and resort project in the Republic of Palau for US$2 million (RM6.6 million).
The Republic of Palau is a grouping of 250 islands located in the western Pacific Ocean.
Iris Land entered into a share sales, shareholders', development rights and an assignment of lease agreements with UK Investment Holdings Ltd for a 30% stake in its subsidiary Palau Peleliu Resorts Ltd (PPRL).
Iris said the subscription of shares in PPRL and the development project in the Republic of Palau is an investment to enable it to expand its business in realty development utilizing its IRIS-Koto Industrialised Building System (IBS) to an international level.