PT TBS Energi Utama Tbk (TOBA) has secured an investment commitment\nof up to S$555 million, or around Rp7.84 trillion, from funds and\naccounts managed by HPS Investment Partners, a BlackRock affiliate, to\nexpand its waste-management business in Asia. The investment, made\nthrough SBTH Asia Holdings Pte. Ltd.\u00a0(SBTH), will be disbursed in stages\nand remains subject to shareholder approval.<\/p>\n
According to information submitted by the company to the Indonesia\nStock Exchange (BEI) and reported by CNBC Indonesia on 22 October 2026,\nthe funding will be provided through the issuance of new SBTH preference\nshares and other instruments. Proceeds from the initial and subsequent\nstages will support the development of TBS\u2019s waste-management operations\nin Singapore and Indonesia.<\/p>\n
The investment could total up to S$555 million, equivalent to around\nRp7.84 trillion based on an exchange-rate assumption of Rp14,130 per\nSingapore dollar. The amount and timing of each stage will follow the\nterms of the agreed transaction.<\/p>\n
TBS Energi Utama President Director and Chief Executive Officer Dicky\nYordan described the partnership as an important part of the company\u2019s\nshift towards developing sustainable infrastructure in Asia.<\/p>\n
\u201cWe welcome HPS as a highly valued partner in our growth journey. At\nthe same time, we will retain control of our waste-management business\nas we drive its growth both organically and inorganically,\u201d Dicky Yordan\nsaid in an official statement published on 21 October 2026.<\/p>\n
Management said the waste-management business has grown significantly\nand has become one of TBS\u2019s main growth drivers. The company plans to\nuse the additional capital to scale up its existing operations and\nexpand through acquisitions.<\/p>\n
SBTH is the holding company for several of TBS\u2019s waste-management\noperating entities in Singapore and Indonesia. Its portfolio includes\nCora Environment Pte. Ltd., Asia Medical Enviro Services Pte. Ltd.\u00a0and\nPT Arah Environmental Indonesia.<\/p>\n
Cora Environment provides waste management, recycling and\nwaste-to-energy services in Singapore. According to company information\ncited by investor.id and CNBC Indonesia, its services reach more than\n470,000 households and businesses.<\/p>\n
Asia Medical Enviro Services specialises in medical-waste management\nin Singapore. PT Arah Environmental Indonesia handles medical,\nindustrial and household waste across 15 provinces in Indonesia.<\/p>\n
Together, the three companies collected around 760,000 tonnes of\nwaste in the six months ended 30 June 2026. TBS intends to build on this\noperational base with the new funding.<\/p>\n
Sinarmas Sekuritas analyst Yosua Zisokhi said funding from a global\ninstitutional investor could increase TBS\u2019s capacity to expand by\nacquiring established companies. In his view, this strategy could\nprovide faster access to markets than building all the infrastructure\nfrom scratch, while also increasing economies of scale.<\/p>\n
Yosua also highlighted the continuous-service nature of waste\nmanagement. He said integrating acquired companies and creating\noperational synergies could support recurring revenue and improve TBS\u2019s\nprofitability.<\/p>\n
Completion of the investment remains subject to approval by\nshareholders at an Extraordinary General Meeting of Shareholders\n(RUPSLB). Management said details of the meeting would be announced on\nTBS\u2019s official website and the Indonesia Stock Exchange\u2019s website.<\/p>\n
Rippledot Capital is acting as financial adviser on the transaction,\nwhile Allen & Gledhill is serving as TBS\u2019s legal adviser.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/tbs-secures-s-555-million-investment-commitment-for-waste-business-1792673424", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }