As discussed yesterday, please find attached the proposed settlement method and the breakdown of the inter-company balances between IRIS and PJT for your reference. If you are agreeable with the proposal, we will issue the invoice of USD1.57 million to PJT to effect payment on next Monday. On the other hand, the payment of USD2 mil to settle the last and final amount of the 24% of the SSA between IRIS Corporation Bhd and Marine Global Ltd will be arranged on next Monday as well.
In the nutshell, PJT is owing IRIS USD5.57 mil including the Security Deposit of USD392,260.11 which Datuk Tan has agreed that the settlement to be made from PJT, and we suggest to name it as loan arrangement charges. On the other hand, IRIS had earlier agreed a discount of USD2 mil on the Phuket machinery which become outstanding amount owing by IRIS to PJT. Both company will agree to waive the amount of USD2 mil in their books and PJT will settle the net balance of USD3.57 mil to IRIS over three payments.
Regarding to the shareholder loan of THB36.6 mil, as agreed, we will prepare an addendum to the 25% share option agreement that the amount of THB36.6 mil will be used to offset against the proceeds of USD5 mil.