Tex Cycle group CEO Gary Dass Anthony Francis
KUALA LUMPUR: Tex Cycle Technology Bhd has completed its acquisition of Meridian World Sdn Bhd, with RM42.8mil paid to vendors and RM6.7mil retained with solicitors.
In a statement, the waste management and recycling solutions provider said Meridian World met its profit guarantee with an audited consolidated profit after tax of at least RM5.3mil for the financial year ended Dec 31, 2024 (FY24).
As a result, the guarantee period remains FY24 and FY25, and the original RM12mil retention sum has been reduced to RM6.7mil, in line with the share sale agreement.
Tex Cycle group CEO Gary Dass Anthony Francis said the deal is more than a financial transaction, representing the integration of two established players to broaden offerings and boost the group’s competitiveness in environmental services.
He noted that Meridian World’s 30-year track record and expertise in specialised waste streams, including chemical waste and e-waste, strengthen Tex Cycle’s platform to deliver end-to-end sustainable solutions across industries.
“Together, we’re charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations.”
Meanwhile, Meridian World managing director Teoh Kok Cheow said: “Joining forces with Tex Cycle opens up a new chapter of growth and opportunity for Meridian World. We’re proud to have met the profit guarantee, and even prouder to now be part of a larger ecosystem that shares our commitment to environmental responsibility. 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.”
