Tex Cycle completes RM43m acquisition of Meridian World
The acquisition includes a retention sum of RM6.7 million, following Meridian World's fulfilment of its profit guarantee with an audited consolidated profiy after tax (PAT) of at least RM5.3 million for the financial year ended Dec 31, 2024.
The guarantee period covers FY2024 and FY2025.
'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… Together, we're charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations,' Tex Cycle Group CEO Gary Dass Anthony Francis said.
Meanwhile, Meridian World MD Teoh Kok Cheow said joining forces with Tex Cycle opens up a new chapter of growth and opportunity
'This collaboration enables us to expand our capabilities, reach new markets, and collectively drive greater impact across Malaysia's waste management and circular economy landscape.'
The acquisition aligns with Tex Cycle's strategy to scale through synergistic acquisitions.
With Meridian World now under its umbrella, the Group is poised to enhance operations across scheduled waste recovery, environmental testing, chemical recycling, and renewable energy. — TMR
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