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2017SGX Announcements
20
Nov
2017
TEE International and Advancer Global in JV to acquire waste management group for $18.5 million (The Edge Singapore)

Media: The Edge Singapore
Date: 20 November 2017
Headline: TEE International and Advancer Global in JV to acquire waste management group for $18.5 million
Written by: PC Lee


TEE International and Advancer Global in JV to acquire waste management group for $18.5 million

By: PC Lee
20/11/17, 07.30AM

Singapore (Nov 20): TEE group, Advancer Global group and an undisclosed investor have formed a joint venture to acquire a 100% stake in Chiang Kiong group, a waste management provider, for S$18.5 million.

The Chiang Kiong group is made up of Chiang Kiong Resources (Paper), which owns Chiang Kiong Environmental and Envotek Engineering.

A joint venture company will be formed by TEE’s subsidiary, TEE infrastructure, Advancer Global’s subsidiary, Advancer Global Facility and the investor, where they will own 50.1%, 20.1% and 29.8% stakes respectively, to acquire Chiang Kiong group.

Established in 1996, Chiang Kiong Environmental and Chiang Kiong Resources (Paper) are industrial and commercial service providers for waste management, recycling and environmental solutions facilities.

Having over 20 years of experience, the group has a 400 workers 500-storng fleet of vehicle and equipment and an in-house engineering arm. It offers a range of customisable services, from cleaning, collection, transportation, disposal management to recycling capabilities.

Envotek Engineering was incorporated in Singapore in 2012 and is a fully integrated engineering company offering waste management products and services that are complementary to the businesses of CK Environmental and CK Resources.

Shares in TEE International and Advancer Global last traded at 20 cents and 30 cents respectively.