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Borneo Waste Industries' ECF campaign breaks foreign investment record

Last update: 15/01/2020
KUALA LUMPUR, Jan 15 -- Borneo Waste Industries Sdn Bhd (BWI), which launched a RM3 million equity crowdfunding (ECF) campaign on the Ata Plus platform, has secured a hefty RM456,820 investment from Germany.

In a statement, BWI said the amount is the largest single overseas investment into an ECF campaign to-date in Malaysia.

The Sabah-based waste management service provider, which was established in November 2012, has offices in Kota Kinabalu and Kuala Lumpur.

It has a 30-year concession agreement with Kota Kinabalu City Hall to develop and operate an integrated waste management processing plant at the Kayu Madang Sanitary Landfill (KMSL) in Telipok, Sabah from April 2018 to April 2048.

BWI’s ECF campaign is scheduled to close by March 18, 2020 at the latest.

“We are extremely pleased to have met our funding minimum target in such a short span of time and to have secured a very strategic foreign investor. It can only augur well for the company and the rest of the ECF campaign moving forward,” said founder and CEO Raven Sockanathan.

Meanwhile, Ata Plus co-founder and director Kyri Andreou described BWI’s ability to secure the substantial investment sum as a good achievement by a technology pioneering waste management company and relatively new entity.

"It is also a great vote of confidence for Malaysia’s ECF market and we are expecting to see more foreign investment into this asset class in 2020,” he added.

-- BERNAMA



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