Singapore’s Blue Planet buys Malaysian waste management firm Globecycle
KUALA LUMPUR, NNA – Blue Planet Environmental Solutions Pte. Ltd., a waste management service firm in Singapore, has acquired a majority stake in a Malaysian peer, reinforcing its portfolio in both hazardous and non-hazardous industrial waste treatment, its chairman told NNA Tuesday.
The Singapore firm recently took over Globecycle Holdings Sdn. Bhd. for an undisclosed price. The move “lays the foundation of probable future acquisitions in the waste business in Malaysia either on a standalone basis or by leveraging on Globecycle,” said Madhujeet Chimni, founding chairman of Blue Planet.
“We have been making acquisitions across the region,” he said in a teleconference interview with NNA, adding the latest takeover is aimed at widening its operational footprint, which currently covers Britain, India, Singapore and Vietnam.
Blue Planet, established in 2017, announced less than one month ago the buyout of British electronic waste technology firm Smart Creative Technologies Ltd., which helps it expand e-waste processing capabilities in Asia, the company said in a statement Monday.
Globecycle, which is based in Penang, collects, segregates and recycles general and scheduled waste such as plastic scrap, e-waste, ferrous and non-ferrous metals, solder dross, oil residues and other waste streams, according to Blue Planet.
It is also the second in the country to obtain an integrated secure landfill permit. The landfill is expected to be operational next year with a monthly capacity of 5,000 tons.
Jeff Chin, Chief Financial Officer of Globecycle, told NNA over the phone Tuesday that his company was one of only two Malaysian firms that have a permit to operate a landfill.
The acquired firm collected and processed more than 17,000 tons of recyclable materials in 2018, according to Blue Planet’s statement.