In the latest installment of Kuala Lumpur news, Tex Cycle Technology (M) Berhad has announced its strategic acquisition of Meridian World Sdn. Bhd. for RM 55 million, enhancing its capabilities in chemical processing and wastewater management.
The acquisition includes a profit guarantee of RM12.0 million for FY2024 and FY2025, with Meridian World’s expertise in environmental engineering and waste management complementing Tex Cycle’s services.
Gary Dass, Group CEO of Tex Cycle, expressed enthusiasm, highlighting the expanded operational reach and commitment to sustainable solutions.
Meanwhile, Leon Fuat Berhad concluded its 17th AGM with shareholders approving all resolutions, including a 1.5 sen per share dividend for FY2023, the re-election of several directors, and the reappointment of Baker Tilly Monteiro Heng PLT as auditors for FY2024.
Executive Director Calvin Ooi Shang How praised the smooth AGM proceedings and shareholder confidence in the company’s strategic direction. Read more below.
Tex Cycle Expands Services
Kuala Lumpur, June 13: Tex Cycle Technology (M) Berhad (“Tex Cycle” or the “Group”), an established waste management and recycling solutions provider, has announced the strategic acquisition of Meridian World Sdn. Bhd. (“Meridian World”).
The acquisition, valued at RM 55 million, includes a profit guarantee of RM12.0 million for the financial years 2024 (“FY2024”) and 2025 (“FY2025”).
Meridian World, established in 1995, is renowned for its environmental engineering solutions and consultation services.
The company specializes in wastewater and air pollution control, as well as comprehensive waste management.
It operates a fully licensed scheduled waste recovery facility that manages waste collection, transportation, and the recovery of scrap metal contaminated with oil or solvents.
This acquisition significantly enhances Tex Cycle’s capabilities, particularly in chemical processing and wastewater management.
Meridian World’s advanced environmental engineering technology and robust service portfolio complement Tex Cycle’s existing waste management services.
This merger enables Tex Cycle to offer a more comprehensive suite of services, covering extensive aspects of waste and environmental management.
Gary Dass, Group CEO of Tex Cycle, expressed his enthusiasm for the acquisition. “We are thrilled to announce the strategic acquisition of Meridian World, a move that significantly amplifies our service capabilities across the environmental management spectrum. Meridian World brings to Tex Cycle a profound expertise in chemical processing and scheduled waste management, perfectly complementing our core services and aligning with our sustainability objectives. This acquisition not only expands our operational reach but also strengthens our commitment to delivering industry-leading, environmentally responsible solutions. We are excited about the synergies this partnership creates and are confident it will drive substantial value for our stakeholders and contribute positively to Malaysia’s environmental goals.”
By incorporating Meridian’s innovative waste management solutions, Tex Cycle can now cater to a broader range of industrial needs.
This strategic enhancement not only broadens Tex Cycle’s operational capabilities but also strengthens its market position, paving the way for increased innovation, operational excellence, and growth in the environmental management industry.
Leon Fuat’s AGM Success
Shah Alam, June 13: Leon Fuat Berhad, a specialist in rolled long and flat steel, concluded its 17th Annual General Meeting (AGM) with shareholders approving all resolutions.
These included a final single-tier dividend of 1.5 sen per share for FY2023, the re-election of Mr. Ooi Shang How, Chan Kee Loin, Thien Shy Wei, and Mr. Wong Sze Yan as directors, and the reappointment of Baker Tilly Monteiro Heng PLT as auditors for FY2024.
Additionally, resolutions were passed to authorize directors to issue shares under the Companies Act 2016 and renew the existing shareholders’ mandate for recurrent related party transactions.
“We are pleased with the smooth conduct of our AGM and extend our gratitude to all shareholders for their support. The unanimous approval of all resolutions, including the dividend payout, shows our shareholders’ confidence in Leon Fuat’s strategic direction and financial stability,” said Calvin Ooi Shang How, Executive Director of Leon Fuat.
He added, “Our heartfelt thanks go to our shareholders for their trust and confidence. The effective engagement at this AGM reaffirms our focus on creating value and driving growth despite the challenging macroeconomic landscape.”
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