Rumors circulating about the National Integrated Immigration System (NIISe) project have triggered uncertainty in Iris Corp Bhd shares.
Iris Corp fell 13% at the opening of trading on Monday (March 13), before paring losses to trade 10.5 sen or down 8.7% with a market capitalization of RM342.61 million.
The implementation of NIISe became controversial after it was linked to allegations of abuse of power in the awarding of government contracts to Iris Corp involving former prime minister Tan Sri Muhyiddin Yassin and his son-in-law.
As a result, the government is still considering whether to cancel or continue the RM1.2 billion project.
Meanwhile, shares of MyEG Services Bhd, which is also linked to the NIISe project, soared as high as 5.4% in this morning's trading session before paring gains to trade at 76.5 sen with a market value of RM5.76 billion.
The e-government service provider was previously badly affected following the Immigration Department's announcement not to use its services anymore because all immigration processes will be managed by NIISe.
Even so, the latest issues in the project again provide support for MyEG shares to rise.
