KUALA LUMPUR: Iris Corp Bhd has received Letter of Intent (LoI) from India Security Press in relation to the procurement of 15 million International Civil Aviation Organisation (ICAO) compliant electronic contactless inlays for US$27.54 million (RM114.48 million).
The LoI also entails the inlays' operating system (in 2Ups) required to produce Indian e-passports.
In an exchange filing today, Iris said it would supply pre-production sample of 1,000 inlays within three months after issuance of the LoI.
The company said it was requested to furnish performance security/security deposit equivalent to 10 per cent of contract value within 21 days from the date of issuance of the LoI.
"The project will not have any effect on the issued and paid-up share capital, gearing and the shareholding of the substantial shareholders of IRIS as it does not involve the issuance of ordinary shares in Iris."
It added the project would contribute to its earnings during the tenure.