KUALA LUMPUR: 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.

Total value of the contract is about US$22 million (RM92.6 million), it said in a filing to Bursa Malaysia today.

Under this BOT project financing model, ICB will build and own the information systems, software and hardware under this agreement during the term only and after the expiration of the term, ownership will be transferred to the client.

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.

The Solomon Islands is a nation in the South Pacific forming part of the Oceania Continent with a population of some 600,000 people.-- BERNAMA