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 yesterday Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) would take a 30% stake in Tasco Yusen.
“The investment ... allows 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 chairman Lee Check Poh was upbeat on the strategic partnership to grow the cold chain logistics sector in Malaysia.
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.