Cardia Bioplastics and RNZ Green Bio partner to enter the Malaysian packaging market
Cardia Bioplastics and RNZ Green Bio (RGB) sign Heads of Agreement to establish a new Malaysian entity, Cardia Bioplastics Malaysia Manufacturing (CBMM), to manufacture finished bioplastics products. The agreement was signed at the National Utilities Summit 2010 in Kuala Lumpur, Malaysia.
The relationship between Cardia Bioplastics and RNZ Green Bio was announced by the Malaysian Minister of Energy, Green Technology and Water, YB Dato Sri Peter Chin Fah Kui, at the Malaysian National Utilities Summit 2010 in Kuala Lumpur. The Minister acknowledged the new venture between the two companies as one of the pioneers of bioplastics manufacturing in Malaysia.
In addition, the Minister endorsed Cardia Bioplastics efforts in promoting compostable bioplastics packaging that uses less oil with a lower carbon foot print and is environmentally responsible.
Cardia Bioplastics Chairman, Pat Volpe, said "We are launching in Malaysia with our partner RGB. Malaysia is recognised as one of the world's largest manufacturing hubs for plastics packaging. There are enormous opportunities for CBMM to manufacture bioplastics products for both the local and export market in this growing industry."
Cardia Bioplastics proprietary technology is accredited worldwide and will be licensed to CBMM. RGB will provide the initial working capital on terms and conditions to be formalized in a shareholder agreement.
RNZ Green Bio Chairman, Mr IR Rozali Ahmad, said "Our company has been extensively searching for the right partner that has a patent position, international accreditation along with an established infrastructure for manufacturing, distribution and marketing of bioplastics products. Cardia Bioplastics fits the bill and I am impressed with the quality of management and technical expertise in Cardia."
About Cardia Bioplastics
Cardia Bioplastics Limited (ASX CODE: CNN), through its 100% owned subsidiary Cardia Bioplastics Australia Pty Ltd, develops, manufactures and markets sustainable resins and finished products derived from renewable resources for the global packaging and plastic products industries. The company holds a strong patent portfolio and its growth is fuelled by the global trend towards sustainable packaging. Established in Australia in 2002 as Biograde, the company Headquarters and Global Applications Development Centre is in Melbourne, Australia. The Product Development Centre and manufacturing plant is in Nanjing, China. There are Cardia Bioplastics offices in the Americas, Europe, Malaysia and China, and a network of leading distributors across Australia, the Americas, Asia and Europe. Visit www.cardiabioplastics.com
Cardia Bioplastics was the exclusive supplier of biodegradable packaging to the 2008 Beijing Olympic and Paralympic Games, and was awarded the Australian Chamber of Commerce "Australia-China Business Excellence Award" in 2008, and won the 2009 "Clean Equity Monaco Conference Award" for Excellence in the field of Environmental Technology Commercialisation. Cardia Bioplastics also received a recognition plaque from the Malaysian Minister of Energy, Green Technology and Water as recognition for its efforts in the bioplastics industry.
About RNZ Green Bio
RNZ Green Bio (RGB) is a Malaysian-based company that was registered and incorporated in Malaysia in March 2010. RGB's major shareholder is RNZ Integrated (M) Sdn Bhd, a Malaysian private company involved in the oil & gas industry. RNZ is looking to expand its business opportunities into the growing bioplastics industry. RGB's management is experienced in business operation in the Malaysian manufacturing industry.