TBS Energi Utama to Acquire Singapore’s Integrated Waste Management Services Provider, Sembcorp Environment Pte. Ltd.

• Acquisition Expands TBS’ Regional Waste Management Platform in Indonesia and Singapore, aligning with its TBS2030 target.
• TBS is committed to ensuring SembEnviro’s high standards of service.

JAKARTA, INDONESIA - Media OutReach Newswire - 8 November 2024 - PT TBS Energi Utama Tbk. (“TBS”), through its subsidiary, SBT Investment 2 Pte. Ltd. (“SBT Investment”), is pleased to announce the signing of Share Purchase Agreement with Sembcorp Industries Ltd. (“Sembcorp”) to acquire 100% stake in Sembcorp Environment Pte. Ltd. (“SembEnviro”). This strategic transaction builds on TBS’ expansion efforts, following the 2023 acquisitions of Asia Medical Enviro Services Pte Ltd in Singapore and ARAH Environmental group in Indonesia, reinforcing its position in the regional waste management and environmental solutions sector. TBS has an ongoing commitment to transition into green and sustainable business in alignment with TBS2030 target.

SembEnviro, together with its subsidiaries, is an integrated waste management services provider involved in the processing, collection and recycling of industrial, commercial and municipal solid waste. With this acquisition, TBS is moving forward in its vision to establish a regionally integrated waste management platform with presence in Indonesia and Singapore across medical, industrial and domestic waste management, fostering sustainable waste solutions for both cities and industries.

Pandu Sjahrir, Co-CEO of TBS, expressed confidence in the acquisition, stating, “We are pleased to acquire a business from such a reputable organization known for its operational excellence. SembEnviro's track record in waste management aligns seamlessly with our sustainability objectives. We are fully committed to ensuring that SembEnviro’s high standards of service continue and are strengthened as we integrate our operations.”

Lim Hwee Hua, Director of SBT Investment, echoed this sentiment, adding, “This acquisition marks a significant milestone in expanding our sustainable waste management footprint in Singapore, following TBS acquisition of Asia Medical Enviro Services in 2023. We are committed to building on SembEnviro’s strong foundation and reputation, delivering waste management solutions that adapt to the evolving needs of Singapore’s communities and industries”.