PETALING JAYA: Tex Cycle Technology (M) Bhd
has announced that all conditions precedent under the share sale agreement for the acquisition of a 60% equity stake in Safety & Environmental Laboratory Sdn Bhd (SEL) have been successfully fulfilled, rendering the transaction unconditional.
In a statement, the waste management and recycling solutions provider said SEL will now be integrated into Tex Cycle’s operations, allowing both entities to leverage their respective expertise and resources to deliver a wider range of solutions.
Tex Cycle said the acquisition also includes a profit guarantee of RM2mil profit after tax for the financial year 2024 (FY24) and FY25 and a net tangible asset value of not less than RM4.4mil.
