IRIS Corporation Berhad had on 16 August 2022 entered into a Joint Venture and Shareholders' Agreement with Theta Edge Berhad to explore and identify future projects for mutual benefit. The Board of Directors of the Company wishes to inform that the Parties had on, 10 July 2023, agreed to terminate the Joint Venture mutually in accordance with the provision in the JVSA. Effective Date of the mutual termination of the JVSA.

The mutual termination will be effective on 10 July 2023. The Joint Venture was formed for the collaboration between the Parties to identify and procure future project(s) for the JVCo. In accordance with the JVSA, the Joint Venture shall commence for a period of 1 calendar year from the date of the JVSA i.e from 16 August 2022 to 15 August 2023, unless terminated in accordance with the provisions in the JVSA.

As the Joint Venture Duration is expiring and Parties have not identified and procured project for the JVCo, Parties have decided that it is in the best interest of both parties to mutually terminate the collaboration and JVSA.