Iris Corporation Bhd (ICB) has entered into a BOT (Build-Own-Transfer) Agreement for a term of 20 years with the Government of Solomon Islands for the establishment of Information and Management System of Electronic Passport and Border Control.

The total value of the contract is about US$22 million, according to a filing to Bursa Malaysia in early November.

Under the BOT project financing model, ICB will build and own the information systems and the software/hardware during the term of the contract, ownership will be transferred to the client at the expiration of the contract.

ICB will finance the costs of design, procurement, supply, manufacture, testing and commissioning of the products.

The group shall recoup such costs, including the returns from the supply of the products to the end users, via the Immigration Division of the Ministry of Commerce, Industries, Labour and Immigration and from the payment of the official government fees for such products to the users.

The implementation of this contract will be funded by internally generated funds and bank borrowing, ICB said.

IRIS Corporation Berhad is a global solutions provider with core expertise in digital identity, business, farming and environmental solutions. Incorporated in 1994, IRIS is the first company in Asia to set up fully integrated manufacturing facilities for Contact and Contactless Smart Cards, Contactless Document Inserts and assembled Module in Tapes and Reels.

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