TBS Secures S$555 Million Investment Commitment for Waste Business
PT TBS Energi Utama Tbk (TOBA) has secured an investment commitment of up to S$555 million, or around Rp7.84 trillion, from funds and accounts managed by HPS Investment Partners, a BlackRock affiliate, to expand its waste-management business in Asia. The investment, made through SBTH Asia Holdings Pte. Ltd. (SBTH), will be disbursed in stages and remains subject to shareholder approval.
According to information submitted by the company to the Indonesia Stock Exchange (BEI) and reported by CNBC Indonesia on 22 October 2026, the funding will be provided through the issuance of new SBTH preference shares and other instruments. Proceeds from the initial and subsequent stages will support the development of TBS’s waste-management operations in Singapore and Indonesia.
The investment could total up to S$555 million, equivalent to around Rp7.84 trillion based on an exchange-rate assumption of Rp14,130 per Singapore dollar. The amount and timing of each stage will follow the terms of the agreed transaction.
TBS Energi Utama President Director and Chief Executive Officer Dicky Yordan described the partnership as an important part of the company’s shift towards developing sustainable infrastructure in Asia.
“We welcome HPS as a highly valued partner in our growth journey. At the same time, we will retain control of our waste-management business as we drive its growth both organically and inorganically,” Dicky Yordan said in an official statement published on 21 October 2026.
Management said the waste-management business has grown significantly and has become one of TBS’s main growth drivers. The company plans to use the additional capital to scale up its existing operations and expand through acquisitions.
SBTH is the holding company for several of TBS’s waste-management operating entities in Singapore and Indonesia. Its portfolio includes Cora Environment Pte. Ltd., Asia Medical Enviro Services Pte. Ltd. and PT Arah Environmental Indonesia.
Cora Environment provides waste management, recycling and waste-to-energy services in Singapore. According to company information cited by investor.id and CNBC Indonesia, its services reach more than 470,000 households and businesses.
Asia Medical Enviro Services specialises in medical-waste management in Singapore. PT Arah Environmental Indonesia handles medical, industrial and household waste across 15 provinces in Indonesia.
Together, the three companies collected around 760,000 tonnes of waste in the six months ended 30 June 2026. TBS intends to build on this operational base with the new funding.
Sinarmas Sekuritas analyst Yosua Zisokhi said funding from a global institutional investor could increase TBS’s capacity to expand by acquiring established companies. In his view, this strategy could provide faster access to markets than building all the infrastructure from scratch, while also increasing economies of scale.
Yosua also highlighted the continuous-service nature of waste management. He said integrating acquired companies and creating operational synergies could support recurring revenue and improve TBS’s profitability.
Completion of the investment remains subject to approval by shareholders at an Extraordinary General Meeting of Shareholders (RUPSLB). Management said details of the meeting would be announced on TBS’s official website and the Indonesia Stock Exchange’s website.
Rippledot Capital is acting as financial adviser on the transaction, while Allen & Gledhill is serving as TBS’s legal adviser.