Tex Cycle Technology (M) Berhad (“Tex Cycle” or the “Group”), an established waste management and recycling solutions provider, is pleased to announce the successful completion of its acquisition of Meridian World Sdn. Bhd. (“Meridian World”), a scheduled waste management and chemical recovery solutions provider.
The Group has made the full payment of RM42.8 million to the vendors, alongside a RM6.7 million retention sum paid to its solicitors, marking the conclusion of the acquisition.
As Meridian World achieved the profit guarantee with its audited consolidated profit after tax of no less than RM5.3 million for the financial year ended 31 December (“FYE”) 2024, the guarantee period shall remain as FYE 2024 and FYE 2025, while the original retention sum of RM12.0 million has been reduced to RM6.7 million, in accordance with the terms of the share sale agreement.
Mr. Gary Dass A/L Anthony Francis, Group Chief Executive Officer of Tex Cycle said,
“The completion of the acquisition marks a momentous step forward for Tex Cycle as we officially welcome Meridian World into our Group.
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 that would enhance the competitive edge of the enlarged Group moving forward.
Meridian World has an established track record of approximately 30 years in the scheduled waste management sector and a strong foothold in specialised waste streams, including chemical and niche waste codes such as e-waste, which gives us an expanded platform to provide end-to-end, sustainable waste solutions across industries.
Together, we’re charting a more resilient, diversified, and innovative path in line with our long-term growth aspirations.”
Mr. Teoh Kok Cheow, Managing Director of Meridian World 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.”
The acquisition is aligned with Tex Cycle’s strategic roadmap to expand both organically and through synergistic acquisitions. With Meridian World now part of the Group, Tex Cycle is well-positioned to scale its operations and enhance cross-segment synergies across scheduled waste recovery, environmental testing, chemical recycling, and renewable energy.
For more information, visit https://www.texcycle.com.my/
