JAKARTA. PT TBS Energi Utama Tbk (TOBA), a coal producer which is now focusing on renewable energy infrastructure, has acquired waste management company ARAH Environmental (AE).

This corporate action follows the acquisition of Asia Medical Enviro Services (AMES) which was carried out in August 2023. For the record, AMES is a waste processing company based in Singapore.

According to data compiled by idnfinancials.com, AE was founded in 2008 and runs a medical waste transportation business. AE then expanded its business to manage various types of waste, from medical waste to commercial and electronic waste.

The acquisition of AE was carried out by TOBA through one of its subsidiaries, namely PT Solusi Bersih TBS (SBT). The funds used came from the issuance of new SBT shares, which TOBA took part in.

"Our focus is to significantly reduce emissions intensity while strengthening our position as a key player at the regional level," said Nafi Sentausa, President Director of SBT, in an official statement.

Sentausa added that the acquisition of AE was also carried out as a strategic investment for a sustainable future. "Where we not only strengthen the growth of TBS, but also support sustainable development in society and the environment," explained Sentausa. (KR/LM)