Emivest buys into Malaysian IT firm
The Dubai-owned firm has acquired 25% of CBS with the aim of expanding in Europe and the Mideast.
Emirates Investment and Development (Emivest) has acquired a 25% in Malaysian IT firm CBS Technology Berhad (CBS), it announced on Thursday.
CBS manufacturers radio frequency identification (RFID) tags that are used in supply chain management to track and identify goods.
RFID is becoming increasingly popular with companies as a way of managing inventories and Emivest said its aim was to help the company expand into Europe and the Middle East.
The Dubai government-owned investment company did not reveal how much it paid for the 25% stake.
Emivest hinted further investment was likely, stating that it would “actively participate and contribute towards the future growth of CBS”.
“If you had to pick up just one technology that could really make a difference to businesses, it would have to be RFID,” said Buti Saeed Al Ghandi, chairman of Emivest.
“This strategic partnership is indeed a positive move for both parties and certainly proves that CBS is on the right path towards achieving its goals,” he added.
CBS has previously provided RFID technology to Malaysia’s Ministry of Domestic Trade and Consumer Affairs, the National Museum of Malaysia and Kuala Lumpur International Airport.
CBS Chief Executive Officer, Mr. CK Sun, CBS chief executive, said: “CBS believes with Emivest’s vast networks and active participation in the company, CBS can elevate to the next level in competing with global technology and solution leaders.”