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INVESTMENT AGREEMENT WITH GAIA PLAS BHD FOR COMMERCIALISATION OF NEW PLANT-BASED BIODEGRADABLE PLASTICS 14 December 2020, VentureTECH, Cyberjaya
VentureTECH unveiled its RM10 million initial investment in Gaia Plas Bhd (Gaia), a Malaysian company principally involved in providing end-to-end solution for all-packaging products, for the development of plant- based biodegradable plastics and acquisition of assets to commercialise their green products. In line with efforts to increase the competitiveness of companies by encouraging them to produce higher value green products, VentureTECH’s investment in Gaia will help the commercialisation of Malaysia’s first biodegradable jerry can in the near future driven by the demand from existing markets . VentureTECH’s mission to lend support to companies seeking investment in green technology supports 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 to plastics.
The investment in Gaia will also help materialise the government’s aim of ensuring that green business contributes to about 1.5 percent of Malaysia’s GDP or about RM60 billion by 2030, from RM8 billion in 2013, whilst fulfilling VentureTECH’s mandate of increasing Bumiputera’s industry participation in high growth, higher value-added industry. Presently Gaia is serving both local and overseas clients from United States, Singapore, Pakistan and Egypt. The company has ambitious business diversification plan to sell its green products both locally and overseas, primarily in Europe. The Investment Agreement was cemented by Dr. Norida Abd Rahman, Managing Director and Mr. Ahmad Redzuan Sidek, Chief Investment Officer representing VentureTECH and Puan Rina Shahar, Executive Chairman and Mr. Abdul Qy’yum Mustaqem, CEO representing Gaia Plas Bhd.
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