KUALA LUMPUR (March 29): Tasco Bhd announced today that the Japan Overseas Infrastructure Investment Corp for Transport & Urban Development (JOIN) is investing RM125 million for a 30% stake in its wholly-owned unit, Tasco Yusen Gold Cold Sdn Bhd.

Tasco said JOIN's investment is strategic in nature and will allow it to establish a partnership with the Japanese Government fund in the cold chain and convenience retail logistics segments.

This could provide Tasco with greater access to other markets in which JOIN has a presence, it said in a statement today, on top of the knowledge and expertise that JOIN will bring to the table that will contribute positively to the future of Tasco Yusen Gold Cold.

Tasco said it has, together with Tasco Yusen Gold Cold, inked a milestone partnership with JOIN for the investment.

"We are very pleased to enter into this strategic partnership with JOIN to grow the cold chain logistics sector in Malaysia. This investment from JOIN is a vote of confidence in the Malaysian economy and the future potential of TYGC, as well as enhancing TYGC’s profile and reputation in the cold chain logistics industry," said Tasco chairman Lee Check Poh.

JOIN was incorporated in Japan in 2014, with the aim to support and facilitate Japanese corporations to participate in the global infrastructure market.

Since its inception, JOIN has invested in several infrastructure projects around the world, which include the development of toll road in Jaipur, India and the urban mixed development projects in Central Jakarta, Indonesia.

The Minister of Finance, Japan owns 87.19% in JOIN, while the remaining shareholders comprise various Japanese corporations.

At market close today, Tasco shares closed 3 sen or 1.84% higher at RM1.66, giving it a market capitalisation of RM332 million. Year to date, Tasco shares have jumped 66 sen or 66%.