VentureTECH invests RM10 mln in Malaysia’s first biogradable jerry can
22 Dec 2020
VentureTECH Sdn Bhd has invested RM10 million in Gaia Plas Bhd to help the commercialisation of Malaysia’s first biodegradable jerry can in the near future.
Gaia Plas is a Malaysian company principally involved in providing end-to-end solution for all-packaging products, for the development of plant-based biodegradable plastic and acquisition of assets to commercialise their green products.
In a statement today, VentureTECH said the investment in Gaia Plas marked the company’s third investment in green technology for 2020, and the move was also in line with efforts to promote the competitiveness of bumiputera companies by encouraging them to produce higher value green products.
“Since our inception a decade ago, and with the addition of Gaia Plas, VentureTECH has invested and committed to invest in 23 bumiputera technology industry leaders in the targeted biobased, emerging, and green industries, with aggregate investee net worth surpassing the RM1 billion mark,” it said.
VentureTECH added that the investment in Gaia Plas would also help materialise the government’s aim of ensuring green business contributes to about 1.5 per cent of Malaysia’s gross domestic product by 2030 or about RM60 billion from RM8 billion in 2013.
“It will also fulfil VentureTECH’s mandate of increasing bumiputera’s industry participation in high growth, higher value-added industry,” it said.
Meanwhile, VentureTECH managing director Norida Abd Rahman said the company’s mission to lend support for bumiputera companies seeking investment in green technology bodes well with the national agenda, as Malaysia hopes to boost market growth locally and regionally for new bio-based products in green packaging as well as other alternatives for plastics.
“We are proud to be involved with a resilient and bold bumiputera company like Gaia Plas that despite facing the current business challenges of COVID-19 pandemic, the company has continuously pushed their boundaries to develop biodegradable plastic in addressing the environment crisis,” she said.
Gaia Plas executive chairman Rina Shahar said support from investors like VentureTECH is vital to realise both Gaia Plas’ vision and long-term strategy of producing sustainable products.
“We look forward to collaborating with various stakeholders to further develop the industry and ensure that the collective goal is ultimately achieved,” she said.