29-8-2023 (SINGAPORE) Asia Medical Enviro Services, Singapore’s leading provider of biohazardous and medical waste treatment solutions, has been acquired by TBS Energi Utama, an Indonesian company, in a deal that saw TBS Energi Utama acquire a 100% stake in the firm. The acquisition was confirmed through a joint statement issued by TBS Energi Utama, Asia Medical Enviro Services, and Dymon Asia Private Equity on Monday.
The exact value of the deal has not been disclosed in the statement, which was released late on Monday. However, the acquisition marks a significant development in the waste management industry in Singapore, as TBS Energi Utama takes over the largest provider of biohazardous and medical waste treatment services in the country.
TBS Energi Utama, with its major shareholder being Singapore-registered Highland Strategic Holdings, is involved in various sectors including electricity, mining, plantation, and renewable energy. This acquisition allows the Indonesian company to expand its operations into the waste management sector in Singapore, leveraging the expertise and market position of Asia Medical Enviro Services.
Established in 2012, Dymon Asia, headquartered in Singapore, specializes in private equity investments within Southeast Asia. With assets under management totaling $1.3 billion, according to its website, Dymon Asia has played a crucial role in facilitating the acquisition of Asia Medical Enviro Services by TBS Energi Utama.
