ecoWise unit enters into MOU with ship handler to explore food processing, food recycling

ENVIRONMENTAL solutions firm ecoWise Holdings announced after trading hours on Wednesday that its indirect wholly owned subsidiary ecoWise Technologists and Engineers entered into a non-binding memorandum of understanding (MOU) with Shin Tai Ho & Co to explore opportunities and expand its respective businesses into food processing and food recycling segments.

Shin Tai Ho & Co is a Singapore ship chandler that handles the distribution of food to various outlets including cruises.

According to ecoWise Holdings, the proposed collaboration will allow the two parties to leverage on each other's strengths and venture into businesses that incorporate high-technology food processing, manufacturing and recycling methods.

"The larger objective of the collaboration lies in strengthening food security in Singapore, which the board believes will contribute to both the society at large and also bring about economic benefits to the company and its stakeholders," said the company in its filing to the Singapore Exchange.

It also added that the partnership will also allow the group to "strengthen its competitive advantage and value proposition in the food industry; and eventually gain access to new markets, customers and business opportunities".