Indonesian coal mining firm TBS Energi Utama Tbk (TOBA), has successfully acquired Asia Medical Enviro Services, a leading medical waste treatment startup based in Singapore. The transaction was carried out through one of TOBA’s subsidiaries. With this move, TBS Energi Utama plans to diversify its business portfolio beyond coal mining.
Asia Medical Enviro Services, Singapore’s biohazardous and medical waste treatment solutions startup, has now become a wholly-owned subsidiary of TBS Energi Utama.
The acquisition aims at TBS Energi Utama’s strategic expansion into the medical waste management sector. Both companies share broader business objectives and growth trajectories in the APAC region. However, specific financial details regarding the transaction were not disclosed in the joint statement issued by TBS Energi Utama, Asia Medical Enviro Services, and Dymon Asia Private Equity, the previous owner of Asia Medical Enviro Services.
In addition to its endeavors in the renewable energy and electric vehicle sectors, TBS Energi Utama engages in a diverse range of businesses, including mining and plantation operations, as evident from information available on its official website. Singapore-registered Highland Strategic Holdings is the company’s largest shareholder, indicating the company’s international connections and investor base.
Established in 2012 and headquartered in Singapore, Dymon Asia has built a reputation as a private equity investor focusing on the Southeast Asian region. The company has directed its investments towards diverse sectors within the region. With assets under management totaling US$1.3 billion (equivalent to S$1.76 billion), Dymon Asia is a significant player in the Southeast Asian investment landscape.
According to data from IDNFinancials, Taonga Holdings had previously entered into credit facility agreements valued at USD 19.25 million and USD 14.21 million with the Singaporean branch of Bank Mandiri and DBS Bank Ltd., Singapore. These credit facilities were secured to support the investment activities initiated by Taonga Holdings.
“The value of the transaction is per the mutual agreement reached by all parties involved,” Yordan stated in the information disclosure filed with the Indonesia Stock Exchange (IDX).
Yordan further explained that this acquisition aligns with TOBA’s strategic vision of broadening its presence within the environmental sector. In his words, “This step aligns with our commitment towards achieving carbon neutrality by the year 2030.”
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