Iris Corp Bhd will pay US$4.95mil (RM16.28mil) to buy Northern Shine Holdings Ltd (NSH), a company registered in British Virgin Island, in a move designed to increase the group’s control of a waste-to-energy project in Phuket, Thailand.
The deal involved NSH acquiring a 24% equity interest of PJT Technology Co Ltd (PJT), a 51% subsidiary of Iris Corp in Thailand. This would increase the group’s direct stake in PJT to 75%, Iris told Bursa Malaysia yesterday.
PJT’s principal business is the operation a solid waste incineration power plant in Phuket.
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