From left - Tex Cycle executive director Lee Hai Peng, Gary Dass, Kaliswaran and Tex Cycle group chief financial officer, Geraldine Hii.
SEL, established to meet the growing needs for Environmental, Health & Safety Monitoring and Laboratory Analysis Services, brings over a decade of experience and a broad range of services including environment monitoring, Department of Environment approvals, and safety training. Under the terms of the agreement, this acquisition that is priced at approximately RM8.4 million for 60.0% of SEL, allows Tex Cycle to secure a profit guarantee from SEL with an audited profit after taxation not to be less than RM2.0 million for each of the financial years ended 2024 and 2025. Additionally, SEL guarantees a net tangible asset value not less than RM4.4 million at the completion date.
Tex Cycle Group CEO, Gary Dass Anthony Francis said, “We are looking forward to this strategic acquisition, which introduces laboratory testing services into our portfolio, opening up extensive new business opportunities for Tex Cycle. Integrating SEL’s expertise and services into our operations allows us to offer comprehensive environmental, health, and safety solutions.