The request, from India Security Press, is for the procurement of 15 million International Civil Aviation Organisation (ICAO) compliant contactless inlays and its operating system.Iris told Bursa Malaysia on September 7 that the LOI, dated Sept 6, is for a project worth US$27.54mil (RM114mil).The tenure of the Project is expected to be commencing from the date of the LOI until end of June 2023.Under the LOI, Iris will supply supply pre-production sample of 1,000 inlays within three months after issuance of the LOI."The company is requested to furnish Performance Security/Security Deposit equivalent to 10% of contract value within 21 days from the date of issuance of the LOI," Iris said.
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