Latest news with #MeridianWorldSdnBhd
New Straits Times
7 days ago
- 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.
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.
