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Tuesday July 10, 2012
IRIS unit to buy stake in Oil Field
PETALING JAYA: IRIS Corp Bhd plans to acquire 2.55 million shares or a 51% stake in Oil Field Services Ltd via its unit for an indicative purchase consideration of RM11.2mil.
In a statement to Bursa Malaysia, IRIS said its wholly-owned subsidiary IRIS Eco Power Sdn Bhd had signed a heads of agreement with the vendor, Durairaj Raja, for the proposed deal. It also said the acquisition of the stake in Oil Field Services, which is based in the United Arab Emirates, would be financed internally and via bank borrowings.
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