TBS Energi Takes a Green Leap with AMES Acquisition

By Editorial Team 29/08/2023
M&A
Summary

PT TBS Energi Utama Tbk (TOBA) has acquired the entire stake in a Singapore-based waste management company Asia Medical Enviro Services (AMES).

As revealed in a disclosure filing on the Indonesian Stock Exchange, TBS Energi President Director Dicky Yordan said the acquisition was made through TOBA's subsidiary, Taonga Holdings Pte Ltd.

Taonga acquired 19,991,917 shares, which corresponds to a 100 percent stake in AMES, from Asia Enviro Services Ltd. However, TOBA has not disclosed the transaction value.

AMES specializes in medical and biohazard waste management and holds contracts with SingHealth Group, Raffles Hospital, and Zuellig Pharmaceutical.

According to the AMES website, their business revolves around collecting medical waste for transformation into environmentally friendly products. Currently, AMES operates two incineration plants for processing medical and biohazard waste. The company was initially established under Sembcorp in 1989.

"The company's conduct of this transaction is part of its effort as a group to expand its green business sector, in line with its vision to achieve its carbon neutral goal in 2030. The execution of this transaction will eventually strengthen the company's financial condition," Dicky said on Monday.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.