Malaysian CIMB Private Equity has invested RM12 million to acquire a stake in Norwegian 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.