PT TBS Energi Utama (TOBA), an energy company owned by businessman Pandu Sjahrir, has announced plans to acquire 100 percent of the shares of Sembcorp Environment Pte. Ltd. (SembEnviro), a leading waste management company in Singapore.
This strategic step has been approved through the Extraordinary General Meeting of Shareholders (EGMS) held on December 20, 2024.
The acquisition will be carried out through TBS’s subsidiary, SBT Investment 2 Pte. Ltd., and is expected to be completed after obtaining approval from the relevant regulatory authorities.
Pandu Sjahrir emphasized that this acquisition is part of TBS’s ambition to achieve carbon neutrality by 2030.
“We are committed to optimizing SembEnviro’s capabilities as a sustainable innovation platform while providing real positive impacts for the communities we serve,” Pandu said in a statement as quoted on Tuesday, December 24, 2024.
TBS Director, Juli Oktarina, said that this decision is an effort to build a sustainable integrated waste management platform at the regional level.
“SembEnviro is a leader in the waste management industry with an excellent track record in Singapore. Their integrated platform, including energy production from waste, is in line with the principles of a circular economy and sustainability,” Juli cited.
This acquisition also supports TBS’s sustainability aspirations and increases waste management capacity in Indonesia through technology transfer and innovation. Previously, TBS has taken expansion steps through the integration of Asia Medical Enviro Services Pte. Ltd. in Singapore and ARAH Environmental Group in Indonesia.
These businesses together form a regional waste management platform covering medical, industrial, and domestic waste. With more than 5,000 collection points and processing of more than 15,000 tons of waste annually, TBS strengthens its presence in this sector.
SembEnviro’s operational principles include integrated waste management ranging from the collection of municipal, industrial, and commercial solid waste, to waste processing using Waste-to-Energy technology.
After the transaction is completed, this measure is expected to accelerate the realization of TBS’s vision in building an integrated waste management platform in Southeast Asia.
Pandu cited that this acquisition not only strengthens TBS’s sustainability principles, but is also designed to ensure long-term profitability for shareholders. “This mesaure will support TBS in responding to the challenges of waste management in Southeast Asia while taking advantage of the huge opportunities from the volume of waste in this region,” Pandu concluded.
