DYMON Asia Private Equity has taken a "significant minority" stake in environmental services firm Chye Thiam Maintenance (CTM), the latter announced on Tuesday, without disclosing exact figures.

The private limited firm - founded in 1979 and now under second-generation leadership - provides environmental cleaning, waste management and recycling services.

Its clients include Changi Airport Group, Ngee Ann City, Esplanade, Resorts World Sentosa and town councils. It also provides integrated public cleaning services for the National Environmental Agency.

Chief executive officer Edy Tan said the company believes Dymon Asia PE "can significantly contribute to CTM's path to becoming a key player in Singapore's Green Plan and circular economy", adding that the firm continues to look at innovation, sustainability, new technologies, and potential mergers and acquisitions.

Dymon Asia PE founding partner Keith Tan said: "We look forward to working with CTM to realise its strategic goals in the local market, as well as pursuing potential expansion opportunities in South-east Asia."

CTM was among the 25 companies in the first run of Enterprise Singapore's Scale-up SG programme in 2019, which aims to groom high-growth local firms into global leaders.

A NEWSLETTER FOR YOU

Friday, 8.30 am

SGSME

Get updates on Singapore's SME community, along with profiles, news and tips.

Sign Up

The investment marks a contrast with earlier reports in which CTM expressed disinterest in receiving investment or making a bid to list. In response to queries, a spokesman said the firm is neither looking at further investor interests nor at listing, with its focus remaining on growing the business.