Tex Cycle (P2) Partners Econas Resource To Energy To Improve Scheduled Waste Management

(From left) Tex Cycle group CFO Geraldine Hill Siaw Wei, ED Lee Hai Peng, executive chairman Datuk Keh Chuan Seng, group CEO Gary Dass, ER2E director Kasrul Nazrin, executive chairman Datuk Mohd Shafiee Mohd Sanip and Malaysian Green Technology Corp director Datuk Leong Kin Mun at the signing ceremony

TEX Cycle Technology Bhd plans to utilise a secured landfill and incineration plant in Pengerang, Johor, owned by Econas Resource to Energy Sdn Bhd (ER2E) to extend the range of waste management services to customers. 

The ACE Market-listed company said its unit has entered into a strategic collaboration with ER2E to expand its waste disposal capabilities and tap into end-of-life waste management services market. 

In an exchange filing today, Tex Cycle said Tex Cycle (P2) Sdn Bhd (TCP2), a wholly-owned subsidiary of Tex Cycle Sdn Bhd (TCSB) which in turn is its wholly-owned subsidiary, had entered into an agreement with ER2E, a Johor Bahru-based company specialising in advanced secured landfill and incineration facilities.

Tex Cycle said it aims to secure up to 5,000 tonnes of scheduled waste management work per month for ER2E, ensuring ER2E’s facilities receive first priority for disposal and processing. 

Furthermore, the company will offer technical support and serve as a third-party transporter, thereby enhancing ER2E’s operational efficiency where applicable. 

In return, ER2E will engage Tex Cycle for equivalent volumes in waste recycling and recovery projects, granting Tex Cycle priority to undertake and manage these initiatives. 

ER2E is primarily engaged in advanced secured landfill operations, incineration facilities, and a comprehensive resource recovery and disposal complex in Pengerang, specialising in the collection, recovery, and disposal of scheduled waste. 

Its directors were Datuk Mohd Shafiee Bin Mohd Sanip, Kasrul Nazrin Kasim, and Khalid Bahsoon, with shareholders including Perisind Samudra Sdn Bhd, Econas Sdn Bhd and DCS Trading Sdn Bhd. 

At the close of today’s trading, Tex Cycle’s share price rose four sen or 3% to RM1.32, giving it a market capitalisation of RM338 million.