KUALA LUMPUR (Sept 13): Tex Cycle Technology (M) Bhd (KL:TEXCYCL) said it has received approval from the Department of Environment for the development of Sabah’s first integrated off-site scheduled waste storage and recovery facility in Sipitang Oil and Gas Industrial Park (SOGIP).
The Environment Impact Assessment (EIA) approval for the facility is valid for two years, starting from Sept 11, 2024, it said in a statement on Friday.
“The EIA approval underlines the facility's compliance with stringent environmental standards, ensuring that all operations are conducted in a manner that prioritises sustainability and minimises environmental impact," Tex Cycle said.
The waste management and recycling company through its subsidiary Tex Evolusi Waste Management Sdn Bhd will develop the RM100 million project in collaboration with Evolusi Bersatu Sdn Bhd.
Tex Cycle will hold a 51% stake in the joint venture, while Evolusi Bersatu, an oil and gas services firm, will own the remaining 49%.
Construction is expected to commence in the fourth quarter of 2024.
The facility will offer cost-effective waste treatment services to the local market, reducing the need to transport waste to Peninsular Malaysia for processing, Tex Cycle said.
It added that the project aligns with Sabah’s broader sustainability objectives and is expected to create over 150 job opportunities in the region.
Shares in Tex Cycle rose one sen or 0.85% to close at RM1.19 on Friday, giving the company a market capitalisation of RM331.35 million. Year-to-date, the stock has surged 72.46%.