March 8, 2008 | Archive

CIMB Private Equity invests RM12m in JV

KUALA
LUMPUR: CIMB Private Equity has invested RM12 million to acquire a
stake in TraceTracker Innovation ASA, paving the way for a joint
venture that will provide food traceability solutions to global halal
producers and exporters.

“This is an exciting
investment opportunity for us, especially since Malaysia is positioning
itself to become the world’s premier halal hub,” CIMB Private Equity
head, Darawati Hussain, said in a statement yesterday.

“TraceTracker’s
proprietary technology can be used to trace food products from farm to
fork, and ensure these products and processes comply with stringent
halal standards.”

TraceTracker chairman
Knut Jørstad said that in the next few years, halal would be one of the
highest growth sectors in the food industry globally.

He said its
partnership with CIMB Private Equity pooled intellectual horsepower and
financial muscle to maximise the opportunity and make the venture a
success.

TraceTracker is the
developer of the value chain traceability solution GTNet. Headquartered
in Norway, it has offices in Brussels, the US, Italy, Vietnam,
Singapore and soon, Malaysia.

The company enables
trading partners to exchange critical information across whole supply
chains and create a ‘food passport’ that traces every stage of food
production, processing and distribution from source to supermarket
shelf.

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