Indonesia's TBS Energi buys Singapore's top medical waste treatment firm

INDONESIA’S TBS Energi Utama has acquired 100 per cent of Singapore’s largest biohazardous and medical waste treatment services firm Asia Medical Enviro Services from Dymon Asia Private Equity, according to a joint statement.

The deal value was not disclosed in the statement issued by the three companies late on Monday (Aug 28).

The acquisition comes as TBS Energi is expanding in the renewable-energy space. The Jakarta-based company partnered with local tech group GoTo Gojek Tokopedia in 2021 to form a joint venture to develop an electric motorcycle business.

Shares of TBS Energi rose 2.3 per cent on Tuesday, while the local benchmark stock index climbed 0.5 per cent.

Besides renewable energy and electric vehicle businesses, TBS Energi, which counts Singapore-registered Highland Strategic Holdings as its largest shareholder, also operates in businesses including mining and plantation, its website showed.

Founded in 2012, Dymon Asia is headquartered in Singapore and focuses on making private equity investments in South-east Asia. It has assets under management amounting to US$1.3 billion, according to its website. REUTERS