Japanese govt fund invests RM125m in Tasco unit

A Japanese government fund is investing RM125mil in logistics and warehousing company Tasco Bhd's unit Tasco Yusen Gold Cold Sdn Bhd.

KUALA LUMPUR: A Japanese government fund is investing RM125mil in logistics and warehousing company Tasco Bhd's unit Tasco Yusen Gold Cold Sdn Bhd.

Tasco said on Friday  Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) would take a 30% stake in  Tasco Yusen.

“The investment from JOIN in Tasco Yusen is strategic in nature and will allow Tasco to establish a partnership with the Japanese Government in the cold chain and convenience retail logistics segments, which could potentially provide Tasco with greater access to other markets in which JOIN has a presence,” it said in a statement. 

Tasco said JOIN's investment would bring knowledge and expertise to enable Tasco grow its cold chain business and contribute to Tasco Yusen.

Tasco chairman Lee Check Poh was upbeat on the strategic partnership with JOIN to grow the cold chain logistics sector in Malaysia. 

“This investment from JOIN is a vote of confidence in the Malaysian economy and the future potential of Tasco Yusen , as well as enhancing Tasco Yusen’s profile and reputation in the cold chain logistics industry,” he said.
 
JOIN was incorporated in Japan in 2014 to support and facilitate Japanese corporations to take part in the global infrastructure market. The Minister of Finance, Japan owns 87.19% in JOIN, with the remaining shareholders consisting of various Japanese corporations.

Tasco Yusen has a combined temperature-controlled storage capacity of 37,000 pallet space at the Berjaya Industrial Logistics Centre in Shah Alam and Westports Logistics Centre in Westports.