IRIS

0.305

(%)

Writ of summons and statement of claim received by Iris Corporation Berhad (ICB) and its wholly-owned company, Iris Information Technology Systems Sdn Bhd (IITS) from Tec D Distribution (Malaysia) Sdn Bhd ("Writ of Summons and Statement of Claim")

IRIS CORPORATION BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-11122023-00001
Subject Writ of summons and statement of claim received by Iris Corporation Berhad (ICB) and its wholly-owned company, Iris Information Technology Systems Sdn Bhd (IITS) from Tec D Distribution (Malaysia) Sdn Bhd ("Writ of Summons and Statement of Claim")
Description
MATERIAL LITIGATION PURSUANT TO RULE 9.04(F) OF THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD IN RESPECT OF WRIT OF SUMMONS AND STATEMENT OF CLAIM FROM TEC D DISTRIBUTION (MALAYSIA) SDN BHD
Query Letter Contents

We refer to your Company’s announcement dated 8 December 2023, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1) The date on which ICB and IITS received the Writ of Summons and Statement of Claim from the solicitors of Tec D Distribution (Malaysia) Sdn Bhd.

2) Expected losses if any, arising from the Writ of Summons and Statement of Claim.

3) The estimated potential liability to the ICB group, arising from the Writ of Summons and Statement of Claim.

4) Whether IITS is a major subsidiary of ICB.

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

Reference is made to the Company’s announcement dated 8 December 2023 (“Announcement”) and the query letter dated 11 December 2023 from Bursa Malaysia Securities Berhad in relation to the Writ of Summons and Statement of Claim.

 

Unless otherwise stated, all abbreviations and definition used herein shall have the same meanings as those defined in the Announcement.

 

The Board of Directors of the Company wishes to announce additional information on the Announcement.

 

1. The date on which ICB and IITS received the Writ of Summons and Statement of Claim from the solicitors of Tec D Distribution (Malaysia) Sdn Bhd.

 

The sealed Writ of Summons and Statement of Claim were received by ICB and IITS on 7 December 2023.

 

2. Expected losses if any, arising from the Writ of Summons and Statement of Claim.

 

As highlighted in the Announcement, the Suit is not expected to have any significant financial impact on the Company for the financial year ending 31 March 2024. Please see explanation on note 3 below.

 

3. The estimated potential liability to the ICB group, arising from the Writ of Summons and Statement of Claim.

 

Save for late payment interest claimed by Tec D and legal fees involve in this litigation, the Group does not expect to incur any potential liability arising from the Suit as IITS has made appropriate accrual for the cost in relation to amount claimed in IITS’s financial statements.

 

4. Whether IITS is a major subsidiary of ICB.

 

IITS is not a major subsidiary of ICB as it contributes less than 70% of both the profit before tax and total assets employed of ICB Group.

 

This announcement is dated 12 December 2023.





Announcement Info

Company Name IRIS CORPORATION BERHAD
Stock Name IRIS
Date Announced 12 Dec 2023
Category General Announcement for PLC
Reference Number GA1-12122023-00054