APPLICATION FOR AN INTERIM INJUNCTION FILED BY S5 SYSTEMS SDN BHD AGAINST IRIS INFORMATION TECHNOLOGY SYSTEMS SDN BHD (IITSSB), A WHOLLY-OWNED SUBSIDIARY OF IRIS CORPORATION BERHAD ("IRIS")
| IRIS CORPORATION BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-06012022-00001 |
| Subject | APPLICATION FOR AN INTERIM INJUNCTION FILED BY S5 SYSTEMS SDN BHD AGAINST IRIS INFORMATION TECHNOLOGY SYSTEMS SDN BHD (IITSSB), A WHOLLY-OWNED SUBSIDIARY OF IRIS CORPORATION BERHAD ("IRIS") |
| Description | APPLICATION FOR AN INTERIM INJUNCTION FILED BY S5 SYSTEMS SDN BHD AGAINST IRIS INFORMATION TECHNOLOGY SYSTEMS SDN BHD (IITS), A WHOLLY-OWNED SUBSIDIARY OF IRIS CORPORATION BERHAD ("IRIS") ("APPLICATION") |
| Query Letter Contents | We refer to your Company’s announcement dated 4 January 2022 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1. The details of the default or circumstances leading to the filing of the Interim Injunction against IITSSB. 2. The financial and operational impact of the Interim Injunction against the Iris group. 3. The expected losses, if any, arising from the Interim Injunction.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully LISTING REGULATION
Cc : Market Surveillance Dept., Securities Commission (via fax) |
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We refer to the Company's announcement made on 4 January 2022 (“Announcement”) and the query from Bursa Securities Malaysia Berhad dated 6 January 2022 bearing reference number IQL-06012022-00001 ("Query") in relation to the Application.
Unless otherwise stated, defined terms used in this reply shall carry the same meanings as defined in the Announcement and the Company’s announcement dated 29 January 2021.
The Company wishes to provide the following clarification and additional information pursuant to the Query.
1. The details of the default or circumstances leading to the filing of the Interim Injunction against IITSSB.
There is no default on the part of IITS in the matter.
The circumstances leading to the filing of the Application against IITS are as follows:
As announced on 29 January 2021, IITS was awarded the Project by KDN. S5 in initiating its Application relies on earlier intentions of S5 having a joint venture role in the Project, however such preliminary intentions stand superseded by subsequent developments whereby IITS and S5 (“parties”) agreed to proceed on the basis that S5 would be involved in a specified scope of works as subcontractor to IITS in relation to the Project (“Subcontract Negotiations”).
Such Subcontract Negotiations with S5 were premised on agreement of pertinent commercial terms between parties and subject always to requirements as stipulated by KDN. IITS has engaged with S5 on the Subcontract Negotiations but to date no agreement has been reached between the parties. Further and in any event, under the terms of the award from KDN the appointment of any subcontractor, including S5, to deliver the Project is at all times subject to KDN’s final approval.
The Application here is limited to a specified scope of works claimed by S5 as arising from the Subcontract Negotiations.
2. The financial and operational impact of the Interim Injunction against the Iris group.
The Company wishes to clarify that only an Application has been made and currently there is no interim injunction against IITS, therefore there is no material financial and operational impact to the Company or IRIS Group.
The Application will not result in any expected losses for the Company or IRIS Group.
The announcement is dated 7 January 2021. |
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Announcement Info
| Company Name | IRIS CORPORATION BERHAD |
| Stock Name | IRIS |
| Date Announced | 07 Jan 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-07012022-00073 |