KUALA LUMPUR (Aug 27): Scheduled waste recycling company Tex Cycle Technology (M) Bhd (KL:TEXCYCL) said its subsidiary has been granted the rights to manufacture and distribute BiobiN systems in Malaysia, targeting improvements in waste conditioning in a closed environment.
BiobiN systems is a waste management technology pioneered by two Australian companies BiobiN Technologies Pty Ltd and Peats Group Ltd. It is an on-site, capture and containment system used for composting organic material in an odour-free, easily accessible vessel.
The composting process also maximises the amount of organic material that can be collected by BiobiN. Once collected, the processed or partially processed organic material can be added to products such as soil conditioners, compost and biofuels — providing a valuable supply of nutrients, carbon and organic matter to agricultural soils, landscape supplies and alternative fuels.
In a filing with Bursa Malaysia on Tuesday, Tex Cycle said its 55%-owned subsidiary Ground Control Sdn Bhd has entered into an agreement with the two Australian companies to manufacture and distribute the specified in-vessel composting units in Malaysia on an exclusive basis.
"This initiative is expected to significantly impact sustainable waste management practices, offering efficient solutions that align with global environmental standards," the group said.
The remaining 45% stake in Ground Control is held by Harbir Singh Ajaib Singh Gill.
According to Tex Cycle, BiobiN Technologies and Peats Group specialise in transforming green organics from various sources into premium compost, soil and mulch products, utilising innovative technologies like the BiobiN system for on-site waste processing.
"With its versatile application, BiobiN is suitable for environments ranging from food services to meat processing facilities, enhancing sustainability by minimising landfill impact, cutting waste collection costs and reducing greenhouse gas emissions. Its design aligns with global environmental standards, making it an integral tool in waste management strategies," the group said.
The manufacturing and sales of BiobiN in Malaysia is anticipated to commence in the fourth quarter of 2024.
Tex Cycle, which is seeking a transfer of its listing to the Main Market from the ACE Market, closed unchanged at RM1.25 on Tuesday for a market capitalisation of RM351.49 million.