HAISAN IN PACT ON PROPOSED LOGISTICS OPERATION VENTURE IN INDIA

KUALA LUMPUR, July 4 (Bernama) -- Haisan Resources Bhd announced today that its subsidiary IGLO International Ltd has signed a memorandum of understanding (MoU) with Pace CFS Pvt Ltd to discuss a possible joint venture to establish cold chain logistics operation in India.

Under the agreement, both parties will form a joint venture cold chain logistics company in India, Haisan said in a statement.

It added that the proposed company will tap on the expertise of IGLO to replicate its cold chain logistics business model currently used in Malaysia and China while Pace CFS will assist in the execution of the project and marketing the services.

Haisan's president and chief executive officer Ong Chin Yet said the agreement paved the way for IGLO to develop a significant presence in cold chain logistics services in India.

Pace CFS is a subsidiary of Beta Empire Group, one of the largest foods processing companies in South-East Asia.