I think IRIS sell PP for this project to get capital. 100, 000 hectares for agro and timber. Not for contra player but investors. Sabar itu profit. JOINT VENTURE AGREEMENT EXECUTED BETWEEN IRIS CORPORATION BERHAD (“ICB”) AND ALVERY RESOURCES LIMITED (“ALVERY”) FOR THE DEVELOPMENT OF LAND MEASURING 100,000 HECTARES FOR AGRICULTURAL AND BUSINESS PURPOSES IN PAPUA NEW GUINEA. INTRODUCTION The Board of Directors of IRIS Corporation Berhad (“ICB”) wishes to announce that ICB, had on 14th April, 2014 entered into a Joint Venture Agreement (“Agreement”) with Alvery Resources Limited (“ALVERY”) a company incorporated in Papua New Guinea for the proposed development of 100,000 hectares (247,105 acres) of land described as Portion No 17C, Milinch Gora & Safia (NW), Bibira (NF & SE) Town Tufi & Moresby in Oro District, Papua New Guinea. (“Subleased Land”) for agricultural and business purposes including but not limited to land clearing, logging, plantation and setting up of factories for various agricultural commodities. (“the Project”). The total investment cost of the Project is approximately United States Dollars Twenty Two Million (USD22,000,000) equivalent to Ringgit Malaysia Seventy One Million Two Hundred Thirty One Thousand And Six Hundred (RM71,231,600) subject to and conditional upon the procurement of all approvals , fulfilment of conditions precedents and terms and conditions under the Agreement.
Posted on: Wed, 16 Apr 2014 08:30:13 +0000
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