MEMORANDUM OF UNDERSTANDING BETWEEN IRIS CORPORATION BERHAD (“ICB” or “COMPANY”) AND FEDERAL LAND DEVELOPMENT AUTHORITY (“FELDA”) DATED 19THSEPTEMBER 2013
1. INTRODUCTION
The Board of Directors of ICB (“the Board”) wishes to announce that the Company has on 19th September 2013 entered into a Memorandum of Understanding (“MOU”) with the Federal Land Development Authority (“FELDA”) in relation to the implementation of the Sentuhan Kasih Project in several States in Peninsular Malaysia.
2. BACKGROUND OF THE MOU
FELDA was formed initially to handle the resettlement of rural poor into newly developed planned villages consisting of homes, basic infrastructure and agriculture based economic activities. However in recent years FELDA has expanded its core activities to help modernize the agricultural sector including processing, production and marketing of agriculture and livestock product and other related business activities. IRIS has in recent years diversified its business to include food security solutions under its Food & Agro Technology Division that provides solutions and methods to improve productivity and efficiency in food security. It has through the IRIS Integrated Farming methodology which combines the utility of IRIS Autopot Systems with aquaponics, orcharding, animal husbandry, fisheries and providing environment friendly affordable housing facilities using the IRIS-KOTO Industrialized Building Systems (IBS) created a prototype for an advanced agro-economy community hereinafter called the Sentuhan Kasih Project.
3. SALIENT TERMS OF THE MOU
Under this MOU, IRIS agrees and commits to undertake the successful implementation of the Sentuhan Kasih Projects for FELDA at the following sites including but not limited to the following:
(i) S.K. Tenggaroh 3, Johor
(ii) S.K. Chini, Pahang
(iii) S.K. Besut, Terengganu
(iv) S.K. Palong, Negeri Sembilan
(v) S.K. Alor Setar, Kedah
(vi) S.K. Gua Musang, Kelantan
(vii) S.K. Felda Jaya, Negeri Sembilan
IRIS will make its best endeavor and ride on the best practices to provide its expertise and skill towards the success of the Sentuhan Kasih Projects which consists of 2 parts being (1) the construction and infrastructure of the Project and (2) the provision of consultancy services to FELDA to provide expert advise on the following components:-
(i) Farm Management Systems Provisioning and Set-up.
(ii) Skills Development and Training Services.
(iii) Farm Operation Standards and Procedures Management.
(iv) Domian Expert and Technical Specialist Consultancy
4. RATIONALE OF THE MOU
Both ICB and FELDA, recognizing the synergies of their respective strengths, have reached the following understanding for mutual benefit towards cultivating and ensuring the growth of a productive, healthy and economically sustainable society in the country in line with the Government’s aspiration.
5. COST OF IMPLEMENTATION
The estimated cost of implementation of the collaboration is subject to the terms and conditions upon signing of formal contracts between ICB and FELDA for each individual Sentuhan Kasih Project awarded by FELDA to ICB .
6. RISK FACTORS
Like all business entities, risk factors affecting the include but not limited to execution risks such as business expansion, prudent financial management, changes in price materials, changes in political, economic and regulatory conditions.
The Board of Directors of ICB has and will continue to exercise due care in considering the risks and benefits associated with this MOU and will take appropriate measures in planning the successful implementation of the MOU with its current business operations. Further, ICB Group is committed towards the close monitoring of the development of this Sentuhan Kasih Project.
7. FINANCIAL EFFECTS ON THE MOU
Barring any unforeseen circumstances, the Board is of the opinion that the successful implementation of the Sentuhan Kasih Project under this MOU will contribute positively to the earnings of the ICB Group in the future.
8. APPROVALS REQUIRED
The MOU does not require the approval of ICB shareholders or any relevant government authorities.
9. DIRECTORS’ AND MAJOR SHAREHOLDER’S INTERESTS
To this date hereof none of the directors, major shareholders, and persons connected with directors or major shareholders of the Company or any of its subsidiaries have any interest, direct or indirect, in the MOU.
10. STATEMENT BY DIRECTORS
The Board of Directors of ICB, having considered all aspects of the MOU is of the opinion that the MOU is in the best interest of the ICB Group.
11. DOCUMENT FOR INSPECTION
This MOU is available for inspection at the registered office of ICB during office hours at Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur for a period of three (3) months from the date of this announcement.
This announcement is dated 19th September 2013.
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