Latest news with #GaryDassAnthonyFrancis
New Straits Times
04-08-2025
- Business
- New Straits Times
Tex Cycle acquires Meridian World for RM42.8mil
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.
The Star
04-08-2025
- Business
- The Star
Tex Cycle completes Meridian World acquisition
Tex Cycle group CEO Gary Dass Anthony Francis KUALA LUMPUR: Tex Cycle Technology Bhd has completed its acquisition of Meridian World Sdn Bhd, with RM42.8mil paid to vendors and RM6.7mil retained with solicitors. In a statement, the waste management and recycling solutions provider said Meridian World met its profit guarantee with an audited consolidated profit after tax of at least RM5.3mil for the financial year ended Dec 31, 2025 (FY24). As a result, the guarantee period remains FY24 and FY25, and the original RM12mil retention sum has been reduced to RM6.7mil, in line with the share sale agreement. Tex Cycle group CEO Gary Dass Anthony Francis said the deal is more than a financial transaction, representing the integration of two established players to broaden offerings and boost the group's competitiveness in environmental services. He noted that Meridian World's 30-year track record and expertise in specialised waste streams, including chemical waste and e-waste, strengthen Tex Cycle's platform to deliver end-to-end sustainable solutions across industries. 'Together, we're charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations.' Meanwhile, Meridian World managing director Teoh Kok Cheow said: 'Joining forces with Tex Cycle opens up a new chapter of growth and opportunity for Meridian World. We're proud to have met the profit guarantee, and even prouder to now be part of a larger ecosystem that shares our commitment to environmental responsibility. This collaboration enables us to expand our capabilities, reach new markets, and collectively drive greater impact across Malaysia's waste management and circular economy landscape.'
Malaysian Reserve
04-08-2025
- Business
- Malaysian Reserve
Tex Cycle completes RM43m acquisition of Meridian World
TEX Cycle Technology (M) Bhd, a leading waste management and recycling solutions provider, has completed its RM42.8 million acquisition of Meridian World Sdn Bhd, a specialist in scheduled waste management and chemical recovery solutions. The acquisition includes a retention sum of RM6.7 million, following Meridian World's fulfilment of its profit guarantee with an audited consolidated profiy after tax (PAT) of at least RM5.3 million for the financial year ended Dec 31, 2024. The guarantee period covers FY2024 and FY2025. '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… Together, we're charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations,' Tex Cycle Group CEO Gary Dass Anthony Francis said. Meanwhile, Meridian World MD Teoh Kok Cheow said joining forces with Tex Cycle opens up a new chapter of growth and opportunity 'This collaboration enables us to expand our capabilities, reach new markets, and collectively drive greater impact across Malaysia's waste management and circular economy landscape.' The acquisition aligns with Tex Cycle's strategy to scale through synergistic acquisitions. With Meridian World now under its umbrella, the Group is poised to enhance operations across scheduled waste recovery, environmental testing, chemical recycling, and renewable energy. — TMR
New Straits Times
14-05-2025
- Business
- New Straits Times
Tex Cycle's Q1 earnings fall, revenue rises
KUALA LUMPUR: Tex Cycle Technology (M) Bhd's net profit dropped three-fold to RM2.1 million in the first quarter (Q1) ended March 31, 2025 from RM6.6 million in the same quarter last year. This was due to the absence of a one-off gain from the disposal of investment properties, Tex Cycle said today. Its revenue, however, jumped 11 per cent to RM8.9 million from RM7.99 million a year ago, boosted by higher contribution from the renewable energy division. In a separate bourse filing, Tex Cycle said its 21st annual general meeting (AGM) and an extraordinary general meeting (EGM) earlier today saw all resolutions approved by shareholders. This included the re-election of directors, appointment of auditors, renewal of share issuance authority and share buy-back mandate. Shareholders also unanimously approved the acquisition of Meridian World Sdn Bhd for RM55 million during the EGM. The company said this will further strengthen its ESG-oriented portfolio by expanding its service offerings to include wastewater treatment, chemical processing and environmental consultancy. Operating from its fully licensed scheduled waste recovery facilities in Kedah, Meridian World serves a wide spectrum of industries, including semiconductor, chemical, and manufacturing sectors. "With the green light for the Meridian acquisition, we are better equipped to accelerate our ESG roadmap and broaden our service base across Malaysia," group chief executive officer Gary Dass Anthony Francis said in a statement. The company remains optimistic about its strategic direction, particularly with the government's heightened enforcement on scheduled waste compliance and the push for renewable energy adoption.
