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KUALA LUMPUR (June 1): Iris Corp Bhd's share price slipped 6.06% to 15.5 sen three days after proposing a private placement exercise to raise up to RM40.49 million.
At 12.30pm, the second most active counter dipped one sen, with 46.2 million shares done for a market capitalisation of RM348.6 million.
The fall in share price at noon market break constitutes a decline of 26.2% from its recent peak of 21 sen on April 27, and a market capitalisation of RM472.3 million.
On Monday, Iris announced its private placement exercise of up to 224 million Iris shares, representing 10% of the issued share capital of the company to fund working capital requirements and future projects and investments.
However, it said it has yet to determine the nature of the new business projects or investments, adding it will make the required announcement as and when it is confirmed.
Meanwhile, Iris yesterday reported its largest net loss to date of RM291.92 million for the fourth quarter ended March 31, 2017 (4QFY17) due mainly to a one-off non-cash impairment arising from the group's corporate restructuring plan.
This compares with a net profit of RM1.52 million reported by the group for 4QFY16, and a net loss of RM1.79 million for 3QFY17.
Revenue for the quarter rose 13.83% to RM119.35 million from RM104.84 million in 4QFY16. — theedgemarkets.com
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