Tass Tech Technologies Sdn. Bhd entered into a Shares Sale Agreement to acquire 80% stake in Iris Information Technology Systems Sdn Bhd from IRIS Corporation Berhad (KLSE:IRIS) for MYR 70 million on February 10, 2023. The consideration to be paid in cash. The consideration sum of MYR 7 million equivalent to 10% of the Disposal Consideration upon signing of SSA (?the Deposit?), A sum of MYR 41.125 million within 3 months from the date of SSA (?Tranche 2 Payment?), A sum of MYR 21.875 million within 6 months (?Completion Period") from the date of SSA (?Tranche 3 Payment?). The IRIS shall at the request of the TTTSB grant in favour of the TTTSB an extension of three months from the expiry of the Tranche 2 Payment and Tranche 3 Payment respectively, subject to a late payment interest of 5% per annum calculated on a day to day basis from the day immediately following the last day of the Tranche 2 Payment/Tranche 3 Payment until actual full payment thereof. As at the date of SSA, the IRIS Corporation Berhad had advanced a total amount of MYR 33.4 million only to the IITS as Shareholder?s Advances, which forms a debt owing by IITS to the IRIS. The SSA shall continue and remain in full force and effect, unless terminated pursuant to the provisions of the SSA. The Proposed Disposal will enable the IRIS to unlock its? value of investment in IITS and the Disposal Consideration will contribute positively to the cash flow position of the IRIS. The proceeds arising from the Proposed Disposal will be used for working capital for the existing businesses and any future business expansions undertaken by the Group. The Proposed Disposal is expected to be completed in August 2023 upon full settlement of Disposal Consideration by the TTTSB within 6 months from the date of the SSA.

As on May 10, 2023, IRIS Corporation has granted an extension of three months from the expiry of Tranche 2 Payment and Tranche 3 Payment for Tass Tech Technologies to settle Tranche 2 payment by August 10, 2023 and Tranche 3 payment by November 10, 2023 respectively, with interest at the rate of five per cent per annum. The transaction is expected to complete in November 2023. As on August 10, 2023, IRIS Corporation has granted an extension of time for the payment of Tranche 2 Payment which is due on August 10, 2023 to February 29, 2024 and Tranche 3 Payment which is due on November 10, 2023 to May 31, 2024 respectively.