Itochu partners with Halcyon to join sustainable rubber trade
SINGAPORE, NNA - Japanese trading house Itochu Corp. is to promote sustainable natural rubber trade under a capital tie-up with a Singaporean market platform operator.
Itochu acquired a 19 percent stake in HeveaConnect Pte. Ltd. for $2.2 million earlier this month through private share placement, Itochu spokesman Kenji Katsumoto told NNA on Wednesday.
HeveaConnect is a digital marketplace operation arm established by Singapore's global natural rubber firm Halcyon Agri Corp. last August.
The online marketplace operator issues HeveaPro certifications, standards based on the screening of more than 1,200 items such as quality assurance, environment, health and safety, Itochu said in a recent statement.
HeveaConnect's service is currently being operated on a trial basis and will be fully launched next month, Katsumoto added.
PT. Aneka Bumi Pratama, Itochu's wholly-owned natural rubber processer in Indonesia, will obtain HeveaPro certification and join the platform, the statement said.
Itochu is a founding member of a global platform for sustainable natural rubber that was established last October to improve the socio-economic and environmental performance of the natural rubber value chain. (NNA/Kyodo)