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Cold Chain Bangladesh Ltd (CCBL), owned by Golden Harvest Ice Cream Ltd and Golden Harvest Foods Ltd, has entered into a joint venture agreement with the IFC to invest in a network of temperature-controlled warehouses and logistics assets.
The International Finance Corporation (IFC) is a member of the World Bank Group.
The project will have Cold Chain Bangladesh’s own investment of US$ 15.2 million, in conjunction with IFC’s US$ 6.51 million investment.
The Cold Chain Bangladesh will provide integrated temperature-controlled storage and transport services to customers in the country, according to an official disclosure on Thursday.
This integrated cold chain and temperature-controlled, third-party logistics Services Company is the first of its kind of Bangladesh.
The Cold Chain Bangladesh expects to serve a diverse customer base from 12 storage locations across the country using its temperature-controlled transportation fleet. It will facilitate high quality storage and movement of various types of perishable products, such as pharmaceuticals, frozen food, dairy and meat, vegetables, fruits, bakery and confectionaries, ice-cream etc.
The company says the venture will increase food safety and quality of delivered products, reduce spoilage and contribute to the development of the country’s logistics infrastructure. It will also benefit export-import activities and the economy as a whole.
Golden Harvest Ice Cream Ltd is a subsidiary of Golden Harvest Agro Industries Ltd and investment in Cold Chain Bangladesh, by their parent companies will enhance the profitable of Golden Harvest Ice Cream Ltd and Golden Harvest Agro Industries Ltd.
Each share of Golden Harvest Agro Industries, listed on Dhaka Stock Exchange in 2013, closed at Tk 25.70 on Wednesday.
The company’s paid-up capital is Tk 1.19 billion and authorised capital is Tk 2.50 billion, while the total number of securities is 119.90 million.
The sponsor-directors own 33.03 per cent stake in the company, institutional investors own 46.81 per cent, and the general public 20.16 per cent as on August 31, 2019, the DSE data shows.