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Steel specialist TTJ Holdings to diversify into waste management and treatment
STRUCTURAL steel specialist TTJ Holdings is seeking shareholders' approval to diversify into the waste management and treatment business.
This would include developing and providing waste management and treatment technology, as well as the ownership, construction, acquisition, operation and maintenance of waste management and treatment facilities such as waste-to-energy plants.
TTJ will also explore the extraction, production and sale of waste-derived products such as refuse-derived fuel, it said in a bourse filing on Wednesday.
The group, which also runs a dormitory business that accounts for 7 per cent of revenue, said: "As the population in developing countries continues to grow, waste per capita rises as economies develop as well, and it is anticipated that lower-income cities in Africa and Asia will double their municipal solid waste generation within 15 to 20 years, whilst waste per capita rates have doubled from 1970 to 2000 in developed countries.
"As a result, there is a sizeable and urgent demand for efficient and environmentally-friendly waste management and treatment infrastructure."
TTJ said that there is "no imminent need or present intention" to raise additional funds for the new business, although it may consider tapping into the capital markets to raise funds if necessary.
"Notwithstanding the above, the group remains focused on enhancing operational efficiency to improve the profitability of the structural steel business," TTJ said.
The counter closed unchanged at 37 Singapore cents on Wednesday before the announcement was made. No shares changed hands.