IRIS Corporation has announced a restructuring plan designed to deliver sustainable, profitable sales growth and long-term value creation for shareholders. The plan has been approved by Felda Investment Corporation (FIC), which holds 21.33% of IRIS's shares, and the Felda Board.Its three priorities are to:refocus on the company's core business – Trusted Identification solutions, including ePassport, smart card, end-to-end integrated, Automated Border Control (ABC), banking, GST Tourist Refund Scheme and Automated Fare Collection (AFC). As part of this focus, the company has also announced the return of its co-founders, Dato Tony Lee and Chas Yap as IRIS Technical Advisors.divest non-core businesses – this includes property development, education and waste to energy plant.raise additional funds – A holistic funding strategy will be implemented focusing on securing equity funding, short-term debt funding, divesting non-essential assets and accounts receivable factoring. This will involve engaging with various parties including soon-to-be-appointed merchant banker Malaysian Industrial Development Finance Berhad (MIDF), key institutions, strategic investors, lenders and creditors of IRIS to tap into additional funds to grow the company. IRIS has also announced the Private Placement exercise of up to 10% of the issued and paid-up share capital of the company to potential strategic investors."Together with other ongoing initiatives to contain cost, strengthen IRIS corporate governance framework, revitalise the Senior Management Succession Plan and ramp up debt collection, I am confident this plan will better position IRIS for further growth globally and domestically," says Tan Sri Razali, IRIS Chairman.
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