Jakarta—Diversified energy company PT TBS Energi Utama Tbk, through its subsidiary SBT Investment 2 Pte Ltd, has completed the acquisition of 100% shares of Singapore-based Sembcorp Environment Pte Ltd (SembEnviro) to tap the waste management market in Southeast Asia.
TBS Energi said in a filing to the Indonesian Stock Exchange dated March 18 that the acquisition of all shares of Sembcorp Environment has been completed.
“We hereby inform you that the transaction has been completed after the fulfilment of the conditions precedent previously agreed based on the Share Purchase Agreement dated 8 November 2024,” TBS Energi Director Alvin Firman Sunanda said.
The conditions include written consent from JTC Corporation and the National Environment Agency of Singapore. The acquisition is funded by external financing of USD285.91 million and an internal cash flow of USD12.66 million.
Juli Oktarina, Director of TBS, outlined several strategic reasons behind this planned investment. SembEnviro, she said, is a leading waste management player with a proven track record in Singapore. The company operates a waste management platform that integrates waste-to-energy production, supporting the implementation of circular economy principles and sustainability.
Juli said the acquisition will complement TBS’s previous expansion efforts, including integrating Asia Medical Enviro Services Pte. Ltd. in Singapore and ARAH Environmental Group in Indonesia.
Together, these businesses form a regional management platform encompassing medical, industrial, and domestic waste. Over 5,000 collection points process more than 15,000 tons of waste annually.
The company said in a statement issued in late December 2024, when it revealed the acquisition move, that by leveraging its integrated capabilities, TBS is prepared to address waste management challenges in Indonesia and Singapore while taking advantage of the significant waste volume opportunities in both countries.
Pandu Sjahrir, Vice President Director of TBS, stated that this proposed acquisition is “one of the strategic steps toward achieving TBS2030’s ambition of carbon neutrality by 2030”.
“We are committed to optimizing SembEnviro’s capabilities as a platform that drives sustainable innovation while delivering real positive impacts to the communities we serve,” he said.
Pandu also emphasised that this transaction, when completed, will accelerate the realisation of TBS’s vision to build an integrated regional waste management platform in Southeast Asia. (Roffie Kurniawan)
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