KUALA LUMPUR: Tex Cycle Technology (M) Bhd has acquired Meridian World Sdn Bhd for RM42.8 million to the vendors, while an additional RM6.7 million retention sum was also paid to its solicitors.
In a filing with Bursa Malaysia today, the waste management and recycling solutions provider said that with Meridian World now part of the group, Tex Cycle is well-positioned to scale its operations and enhance cross-segment synergies across scheduled waste recovery, environmental testing, chemical recycling, and renewable energy.
Tex Cycle Group chief executive officer Gary Dass Anthony Francis said the completion of this deal is more than a financial transaction as it represents the fusion of two established industry players in Malaysia’s environmental services sector to offer an expanded suite of product and service offerings that would enhance the competitive edge of the enlarged group moving forward.
“Meridian World has an established track record of approximately 30 years in the scheduled waste management sector and a strong foothold in specialised waste streams, including chemical and niche waste codes such as e-waste, which gives us an expanded platform to provide end-to-end, sustainable waste solutions across industries.
“Together, we are charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations,” he said.
Meanwhile, Meridian World managing director Teoh Kok Cheow said the collaboration enables them to expand their capabilities, reach new markets, and collectively drive greater impact across Malaysia’s waste management and circular economy landscape.
© New Straits Times Press (M) Bhd
