PETALING JAYA: Iris Corp Bhd has completed its private placement exercise of 296.62 million new shares.

       In a statement, Iris said the final tranche of 74 million placement shares, representing approximately 2.27% of the enlarged share capital, was subscribed by an insurance fund, AIA Bhd.

       “The group has raised a total of RM71.16mil under the private placement exercise, where the proceeds will be utilised for working capital requirements, in accordance with the announcement made on June 23, 2020,” it said.