TOBA Strengthens Position in Southeast Asian Waste Management Industry Through Business Expansion
JAKARTA. PT TBS Energi Utama Tbk (TOBA) is reinforcing its transformation into a clean energy-based company through aggressive expansion in the regional waste management sector.
This aligns with TOBA’s transformation strategy, which over the past several years has begun shifting focus from conventional energy business towards a more sustainable business portfolio.
The waste management business segment is beginning to make a significant contribution to TOBA’s operations. In 2025, this business segment contributed revenue of US$155.4 million, representing 41% of total revenue.
Kiwoom Securities Equity Research Analyst Abdul Azis views this effort as affirming TOBA’s transformation towards a company fully oriented towards sustainable green business.
“The strategy is also seen as opening opportunities for the company to bring waste management technology capabilities from Indonesia to the regional level,” he explained on Wednesday (11 March 2026).
Currently, TOBA operates three main platforms in waste management across Southeast Asia. One of these is Asia Medical Enviro Services (AMES), based in Singapore and focused on medical waste management, which was acquired in 2023.
TOBA holds approximately 45% market share in medical waste treatment in Singapore, making it one of the largest operators in that segment.
TOBA’s latest strategic move is evident in the acquisition of Sembcorp’s waste management business in Singapore, which was subsequently rebranded as CORA Environment.
Through CORA, TOBA is expanding its regional waste management capabilities whilst simultaneously strengthening the transfer of modern waste management technology and practices to Indonesia and the Southeast Asian region.
Azis views TOBA’s expansion strategy in the waste management sector as having attractive prospects because demand for modern waste treatment services in Southeast Asia continues to increase.
According to him, the integration of platforms such as AMES, ARAH Environment, and CORA can create an efficient regional waste management ecosystem whilst opening potential for long-term growth for TOBA.
“With an increasingly integrated waste management portfolio, TOBA has the potential to become one of the regional players with scale and technology advantages in the waste management and waste-to-energy sectors,” Azis said.