From left: Tex Cycle group chief financial officer Geraldine Hii, Safety & Environmental Laboratory Sdn Bhd managing director Kaliswaran Palanisamy, Tex Cycle group chief executive officer Gary Dass and Tex Cycle executive director Lee Hai Peng.
PETALING JAYA: Tex Cycle Technology (M) Bhd
is acquiring a 60% equity stake in environment, health and safety services firm Safety and Environmental Laboratory Sdn Bhd (SEL) for RM8.4mil.
In a statement, the waste management and recycling solutions provider said the acquisition underscored its commitment to expanding its service offerings in environmental, health and safety compliance while reinforcing its leadership position in sustainable waste management.
Tex Cycle said the acquisition comes with a profit guarantee of RM2mil for the financial years ending 2024 and 2025 and a net tangible asset value of not less than RM4.4mil.
“SEL, with its accredited laboratory services and expertise in environmental compliance, significantly enhances Tex Cycle’s ability to provide holistic sustainability solutions.
“By integrating SEL’s capabilities, Tex Cycle strengthens its market position while advancing its commitment to environmental responsibility.”
Tex Cycle said the integration of SEL’s capabilities into the group’s portfolio directly supports industries in their sustainability efforts.
This enables businesses to achieve higher compliance standards while minimising their environmental impact, the firm added.
