Reference is made to the Company's announcements dated 4.1.2022, 7.1.2022, 27.1.2022, 18.2.2022, 1.3.2022, 22.3.2022, 5.4.2022 and 5.5.2022. Unless otherwise defined, the terms used herein shall have the same meaning as defined in the announcements.

IRIS Corporation Berhad (“IRIS” or “the Company”) wishes to announce that its wholly owned subsidiary, Iris Information Technology Systems Sdn Bhd (“IITS”) was served with a Notice of Arbitration (“NOA”) on 29 June 2022 filed by S5 Systems Sdn Bhd (“Claimant”). in relation to earlier intentions of S5 having a joint venture role in the Project awarded by KDN to IITS (the position on such earlier intentions is explained in IITS’s 7.1.2022 announcement).

The Claimant has previously filed an application for an Interim Injunction dated 27 December 2021 (“Application”) against IITS on similar grounds and the said Application has been dismissed by the Kuala Lumpur High Court on 5 April 2022. This decision is pending appeal pursuant to a Notice of Appeal dated 3 May 2022 filed by the Claimant.  

In the NOA the Claimant continues to inter alia allege that such preliminary intentions were binding and that IITS is in breach of the same in subcontracting or engaging third parties to carry out works under the Project.

The Claimant also seeks damages in lieu of specific performance, interest, and costs of the arbitration proceedings to be borne by IITS.

The Company’s position is that the alleged claims made by the Claimant in the NOA are without merits especially in light of the litigation to date and IITS will vigorously defend its position.

The Company believes that the NOA and potential arbitration proceedings are not expected to have material financial and operational impact on the Company for the financial year ending 31 March 2023.

Further announcements on any material development of the above matter will be made to Bursa Malaysia from time to time.

This announcement is dated 30 June 2022.